NY Pub Auth L § 1219-A (2021)
2021 New York Laws PBA - Public Authorities Article 5 - Public Utility Authorities Title 9 - New York City Transit Authority 1219-A - Transfer and Receipt of Surplus Funds.

§  1219-a.  Transfer  and receipt of surplus funds. 1. Notwithstanding any provision of this title or any  other  provision  of  law,  general, special  or  local, the authority may from time to time transfer and pay over to metropolitan transportation authority or triborough  bridge  and tunnel  authority  all  or any part of its surplus funds; and may accept and use any moneys transferred and  paid  over  to  it  by  metropolitan transportation authority or triborough bridge and tunnel authority.   2. Notwithstanding the provisions of the preceding subdivision of this section:  (a)  If  the  city  shall  have provided in its capital budget for its fiscal year beginning  July  first,  nineteen  hundred  sixty-eight  the amount  of  one  hundred million dollars, or such lesser amount as shall have been requested by the authority for inclusion in such  budget,  for the  payment  of the capital cost of projects requested by the authority pursuant to section twelve hundred three of this title,  then  upon  the written  request  of  the  mayor  made  within  thirty  days  after  the commencement of such fiscal year, triborough bridge and tunnel authority shall transfer to the authority, by lump sum payment or installments  at such  time or times and in such amounts as the mayor shall elect, all or such part of the surplus funds of triborough bridge and tunnel authority on hand as of the last day of its last fiscal year ending prior to  such request  as the mayor shall specify, which funds shall be applied by the authority solely to the payment of its expenses  of  operation.  If  the city  shall have provided in its capital budget for any of its next four fiscal years, commencing with the  fiscal  year  beginning  July  first, nineteen  hundred sixty-nine, the amount of one hundred million dollars, or such lesser amount as shall have been requested by the authority  for inclusion  in  such  budget,  for  the  payment  of  the capital cost of projects requested by the authority pursuant to section  twelve  hundred three  of  this  title,  then upon the written request of the mayor made within  thirty  days  after  the  commencement  of  such  fiscal   year, triborough  bridge  and tunnel authority shall transfer to the authority solely for application to the payment of expenses of  operation  of  the authority   the  operating  surplus  of  triborough  bridge  and  tunnel authority for its last fiscal year ending prior to such  request,  which transfer  shall also be by lump sum payment or installments at such time or times and in such amounts as the mayor shall elect. Projects shall be eligible for inclusion in a computation made hereunder only if  included in  a capital budget on the first day of the fiscal year for which it is adopted. A carry-over project shall not be eligible for inclusion unless it was first included in  a  capital  budget  by  way  of  an  amendment thereto,  in  which  event  it  shall  be  eligible  for  inclusion in a computation made hereunder with respect to the first fiscal year of  the city commencing after the adoption of the amendment.  (b)  Promptly  upon  the  making of the certification of its operating surplus, if any, for  its  fiscal  year  ending  December  thirty-first, nineteen  hundred  seventy-two  and  for  each  of its subsequent fiscal years, triborough bridge and  tunnel  authority,  at  the  direction  of metropolitan  transportation  authority,  shall  transfer such operating surplus (1) to the metropolitan  transportation  authority  for  deposit into one or more funds or accounts to be used as contemplated by section twelve  hundred  seventy-d  of this article, or (2) to the authority and the metropolitan transportation authority solely for application to  the payment  of  the  expenses of operation. For purposes of determining the proportional  allocation  of  the  operating  surplus  as  between   the authority  and  the metropolitan transportation authority, the following formula  shall  apply:  (i)  twenty-four  million  dollars  plus   fifty percentum of the balance of such operating surplus shall be allocable to  the authority, and (ii) the remainder shall be allocable to metropolitan transportation authority on behalf of the commuter railroads operated by it,   by   its   subsidiary   corporations  or  by  others  under  joint arrangements.  (c)  Triborough  bridge  and  tunnel  authority  is authorized, at the direction of the metropolitan transportation  authority,  from  time  to time  to  make advances from available funds on account of the operating surplus it anticipates will or  may  be  certified  and  transferred  as provided  in  this  subdivision  to  (1) the metropolitan transportation authority for deposit into one or more funds or accounts to be  used  as contemplated by section twelve hundred seventy-d of this article, or (2) the  authority  and the metropolitan transportation authority solely for application to the payment of the expenses of operation.  In  the  event that  advances  so made in respect of any fiscal year including the year in which the surpluses are being earned exceed the amounts  required  to be   transferred   to  the  authority  and  metropolitan  transportation authority pursuant to the  provisions  of  this  subdivision,  then  the amount  of  any  such  excess shall be refunded to triborough bridge and tunnel  authority  by  the  authority  or  metropolitan   transportation authority,  as  the  case  may  be,  within thirty days of the making by triborough bridge and tunnel authority of its certification of operating surplus for such fiscal year.  (d) For the purposes of this subdivision, the existence and the amount of surplus funds and operating surplus of triborough bridge  and  tunnel authority  shall  be  determined  in  accordance  with the provisions of subdivision twelve of section five hundred fifty-three of this chapter.  (e) Triborough bridge and tunnel authority shall certify to the  mayor and  to  the  chairman  of  metropolitan transportation authority within ninety  days  after  the  end  of  its  fiscal  year   ending   December thirty-first,  nineteen  hundred sixty-seven, and within forty-five days after the end of each of its subsequent fiscal years, the amount of  its operating  surplus  for  that  year  and, in the case of the fiscal year ending December thirty-first, nineteen hundred sixty-seven,  the  amount of  all  of  its surplus funds on hand as of the last day of such fiscal year.  (f) No transfer of funds shall be made to the  authority  pursuant  to any  provision  of  this  section at any time when there shall have been pending and not acted upon by the mayor for ninety days any  request  of the authority for permission to expend or contract to expend funds for a project  included  in  a  capital  budget for transit facility purposes. There shall be excluded from such  ninety-day  period  any  time  during which  the  mayor  is  prevented  from  acting  by  order of court or by operation of law.   3. Notwithstanding the preceding subdivisions  of  this  section,  for purposes  of  determining  the  proportional allocation of the operating surplus of the  Triborough  bridge  and  tunnel  authority  between  the authority  and  the  metropolitan transportation authority the following formula shall be used: An amount equal to the debt service  incurred  in such year as a result of the bonds issued to provide facilities pursuant to  paragraphs (m), (n), (o), (p) and (r) of subdivision nine of section five hundred fifty-three of this chapter shall be added to the operating surplus of the Triborough bridge and tunnel authority, as  certified  by that  authority. The sum of these figures shall then be allocated to the authority  and  the  commuter   railroads   operated   by   metropolitan transportation  authority or by its subsidiary corporations, pursuant to the formula contained in  paragraph  (b)  of  subdivision  two  of  this section  as  if this amount were the operating surplus of the Triborough bridge and tunnel authority. The amounts so allocated to  the  authority  and  the  commuter  railroads  operated  by  metropolitan transportation authority or by its  subsidiary  corporations,  shall  then  be  reduced respectively by the proportional amount of the debt service, incurred in such  year  by  the  Triborough  bridge and tunnel authority pursuant to paragraphs (m), (n), (o), (p) and (r) of  subdivision  nine  of  section five hundred fifty-three of this chapter, reasonably attributable to the payments  for  transit  projects  undertaken  for  the authority and its subsidiaries and transportation facility  projects  undertaken  for  the commuter railroads operated by the metropolitan transportation authority or   by   its  subsidiary  corporations.  The  remaining  amounts  shall constitute the  respective  allocation  of  operating  surplus  for  the authority  and  the  commuter  railroads  operated  by  the metropolitan transportation authority or by its subsidiary corporations.