NY State Fin L § 92-FF (2021)
2021 New York Laws STF - State Finance Article 6 - Funds of the State 92-FF - Metropolitan Transportation Authority Financial Assistance Fund.

§  92-ff.  Metropolitan  transportation authority financial assistance fund. 1. There is  hereby  established  in  the  joint  custody  of  the commissioner of taxation and finance and the state comptroller a special fund to be known as the "metropolitan transportation authority financial assistance fund".   2.  Moneys  in  the  metropolitan  transportation  authority financial assistance  fund  shall  be  kept  separately  from  and  shall  not  be commingled  with  any  other  moneys in the joint or sole custody of the state comptroller or the commissioner of taxation and finance.   3. Such 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 metropolitan transportation authority financial assistance fund shall be retained in and become a part of such fund.   4. The metropolitan transportation authority financial assistance fund shall  consist  of two separate and distinct accounts: (a) the "mobility tax trust account" and (b) the  "metropolitan  transportation  authority aid  trust  account."  Moneys  in  each  of  the  accounts shall be kept separately from  and  not  commingled  with  any  other  moneys  in  the metropolitan transportation authority financial assistance fund.   5.  (a)  The  "mobility  tax  trust  account"  shall consist of moneys credited or transferred thereto from any fund or source pursuant to law.  (b) Moneys in the "mobility tax  trust  account"  shall,  pursuant  to appropriation  by  the legislature, be transferred on a monthly basis to the metropolitan transportation authority finance  fund  established  by section  twelve  hundred  seventy-h  of  the  public authorities law and utilized in accordance with said  section.  It  is  the  intent  of  the legislature  to  enact  two  appropriations  from the mobility tax trust account  to  the  metropolitan  transportation  authority  finance  fund established   by   section   twelve  hundred  seventy-h  of  the  public authorities law. One such appropriation shall be equal  to  the  amounts expected  to  be available from any monies described in paragraph (a) of this subdivision during the two thousand eighteen--two thousand nineteen fiscal year and shall be effective in that fiscal year. The  other  such appropriation  shall  be  equal  to the amounts expected to be available from any monies described in paragraph (a) of  this  subdivision  during the  two  thousand  nineteen--two thousand twenty fiscal year and shall, notwithstanding the provisions of section forty of  this  chapter,  take effect  on  the  first  day  of  the two thousand nineteen--two thousand twenty 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 two thousand eighteen--two thousand  nineteen fiscal  year  in  an  annual  budget  bill: (i) an appropriation for the amount expected to be available in the mobility tax trust account during such fiscal year for the metropolitan transportation authority from  any monies  described  in  paragraph  (a)  of  this subdivision; and (ii) an appropriation for the amount projected by the director of the budget  to be deposited in the mobility tax trust account from any monies described in  paragraph  (a)  of  this  subdivision for the next succeeding fiscal year. Such  appropriation  for  payment  of  revenues  projected  to  be deposited  in  the  succeeding  fiscal  year  shall, notwithstanding the provisions of 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, two thousand ten the governor fails to submit  a  budget  bill containing  the foregoing, or the legislature fails to enact a bill with such provisions, then the metropolitan  transportation  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 mobility  tax  trust  account  to  the metropolitan   transportation  authority  finance  fund  established  by section twelve hundred seventy-h of the public authorities law 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  mobility  tax  trust  account  shall not be paid over to any person other than the metropolitan transportation authority.   6. (a) The "metropolitan transportation authority aid  trust  account" shall  consist  of moneys credited or transferred thereto from any other source pursuant to law.  (b) Moneys in the  metropolitan  transportation  authority  aid  trust account  shall, following appropriation by the legislature, be deposited quarterly by the comptroller into the corporate  transportation  account of  the  metropolitan  transportation  authority special assistance fund established  by  section  twelve  hundred  seventy-a   of   the   public authorities  law,  to  be  applied  as  provided  in  paragraph  (e)  of subdivision four of such section twelve hundred seventy-a of the  public authorities law.   7.  Nothing  contained in this section shall be deemed to restrict the right of the state to amend, repeal, modify or otherwise alter  statutes imposing  or  relating  to  the  taxes  and  fees producing revenues for deposit  in  the   metropolitan   transportation   authority   financial assistance fund 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.