NY State Fin L § 89-C (2021)
2021 New York Laws STF - State Finance Article 6 - Funds of the State 89-C - Dedicated Mass Transportation Trust Fund.

§  89-c.  Dedicated mass transportation trust fund. 1. There is hereby   established in the joint  custody  of  the  state  comptroller  and  the   commissioner  of  taxation and finance a special fund to be known as the   "dedicated mass transportation trust fund".2. The dedicated mass transportation trust fund shall consist  of  all   moneys  collected  therefor  or credited or transferred thereto from any   other fund, account or source. Any interest received by the  comptroller   on  moneys  on  deposit  in the dedicated mass transportation trust fund   shall be retained in and become a part of such fund.3. Moneys in the  dedicated  mass  transportation  trust  fund  shall,   following   appropriation  by  the  legislature,  be  utilized  for  the   reconstruction,  replacement,  purchase,   modernization,   improvement,   reconditioning, preservation and maintenance of mass transit facilities,   vehicles  and rolling stock, or the payment of debt service or operating   expenses incurred by mass  transit  operating  agencies,  and  for  rail   projects authorized pursuant to section fourteen-j of the transportation   law,  for  payments to the general debt service fund of amounts equal to   amounts required for service contract payments related to rail  projects   as  provided  and  authorized by section three hundred eighty-six of the   public authorities law and for programs to assist small and minority and   women-owned   firms   engaged   in   transportation   construction   and   reconstruction  projects, including a revolving fund for working capital   loans, and a bonding guarantee assistance  program  in  accordance  with   provisions  of  this chapter. It is the intent of the governor to submit   and the legislature to enact in a budget bill for fiscal  year  nineteen   hundred  ninety-four--ninety-five, two appropriations from the dedicated   mass  transportation  trust  fund  to  the  metropolitan  transportation   authority  dedicated  tax  fund  established  by  section twelve hundred   seventy-c of the public authorities law. One such appropriation shall be   equal to the amounts expected to be available for such purpose  pursuant   to  subdivision (d) of section three hundred one-j of the tax law during   the nineteen hundred ninety-four--ninety-five fiscal year and  shall  be   effective  in  that  fiscal  year. The other such appropriation shall be   equal to the amount expected to be available for such  purpose  pursuant   to  subdivision (d) of section three hundred one-j of the tax law during   the nineteen hundred  ninety-five--ninety-six  fiscal  year  and  shall,   notwithstanding  the  provisions  of section forty of this chapter, take   effect on the first day of the nineteen hundred  ninety-five--ninety-six   fiscal  year  and  lapse  on the last day of that fiscal year. It is the   intent of the governor to submit and the legislature to enact  for  each   fiscal  year  after the nineteen hundred ninety-four--ninety-five fiscal   year in an annual budget bill:  (i)  an  appropriation  for  the  amount   expected to be available in the dedicated mass transportation trust fund   during  such  fiscal  year for the metropolitan transportation authority   pursuant to subdivision (d) of section three hundred one-j  of  the  tax   law,  including any amounts on deposit therein from any prior year which   have been previously appropriated, and  (ii)  an  appropriation  of  the   amounts  projected  by the director of the budget to be deposited in the   metropolitan  transportation  authority  dedicated  tax  fund  from  the   dedicated  mass transportation trust fund pursuant to subdivision (d) of   section three hundred one-j of the  tax  law  for  the  next  succeeding   fiscal  year.  Such appropriation for payment of revenues expected to be   received in the succeeding fiscal year  shall,  notwithstanding  section   forty  of  this chapter, take effect on the first day of such succeeding   fiscal year and lapse on the last day of such fiscal year.  If  for  any   fiscal  year  commencing  on  or  after the first day of April, nineteen   hundred  ninety-four  the  governor  fails  to  submit  a  budget   bill   containing  the foregoing, or the legislature fails to enact a bill with    such provisions, then the authority shall notify  the  comptroller,  the   director  of the budget, the chairperson of the senate finance committee   and the chairperson of the assembly ways and means committee of  amounts   required  to  be  disbursed  from  the  appropriation  made  during  the   preceding fiscal year for payment in such fiscal year. In no event shall   the comptroller make any payments from such appropriation prior  to  May   first  of  such  fiscal  year,  and unless and until the director of the   budget,  the  chairperson  of  the  senate  finance  committee  and  the   chairperson  of the assembly ways and means committee have been notified   of the required payments and the timing of such payments to be made from   the  dedicated  mass  transportation  trust  fund  to  the  metropolitan   transportation  authority  dedicated tax fund at least forty-eight hours   prior to any such payments. Until such time as payments pursuant to such   appropriation  are  made  in  full,  revenues  in  the  dedicated   mass   transportation  trust  fund  shall  not be paid over to any person other   than the metropolitan transportation authority.   Nothing  contained  in   this  subdivision  shall be deemed to restrict the right of the state to   amend, repeal, modify or otherwise alter statutes imposing  or  relating   to  the taxes imposed pursuant to section three hundred one-j of the tax   law  or  the   appropriations   relating   thereto.   The   metropolitan   transportation  authority  shall  not  include  within  any  resolution,   contract or agreement with holders of the bonds or  notes  issued  under   section  twelve  hundred  sixty-nine  of  the public authorities law any   provision which provides that a default occurs as a result of the  state   exercising  its  right  to amend, repeal, modify or otherwise alter such   taxes or appropriations.