NY Pub Auth L § 1270-A (2021)
2021 New York Laws PBA - Public Authorities Article 5 - Public Utility Authorities Title 11 - Metropolitan Commuter Transportation Authority 1270-A - Metropolitan Transportation Authority Special Assistance Fund.

§  1270-a.  Metropolitan  transportation  authority special assistance fund.  1. The authority shall create and establish a fund to be known as the "metropolitan  transportation  authority  special  assistance  fund" which  shall  be kept separate from and shall not be commingled with any other moneys of the authority. The special assistance fund shall consist of  three  separate  accounts:  (i)  the  "transit  account",  (ii)  the "commuter  railroad  account"  and  (iii)  the "corporate transportation account".   The authority shall make deposits  in  the  transit  account  and  the commuter  railroad  account of the moneys received by it pursuant to the provisions of subdivision one of section two hundred  sixty-one  of  the tax  law  in  accordance  with  the  provisions  thereof, and shall make deposits in the corporate transportation account of the moneys  received by  it  pursuant  to  the  provisions  of subdivision two of section two hundred sixty-one of the tax law and section ninety-two-ff of the  state finance  law. The comptroller shall deposit, without appropriation, into the corporate transportation account the revenue fees,  taxes,  interest and   penalties   collected   in  accordance  with  paragraph  (b-1)  of subdivision two of section five hundred three of the vehicle and traffic law, paragraph (c-3) of subdivision two of section five hundred three of the vehicle and traffic law, article  seventeen-C  of  the  vehicle  and traffic  law,  article  twenty-nine-A  of the tax law and section eleven hundred sixty-six-a of the tax law.   2. Moneys in the transit account may  be  pledged  to  the  Triborough bridge  and  tunnel  authority  to  secure  bonds  and  notes and, if so pledged, shall be paid to the Triborough bridge and tunnel authority  in such  amounts and at such times as necessary to pay or to reimburse that authority for its payment of debt service and  reserve  requirements  on that portion of special Triborough bridge and tunnel authority bonds and notes  issued  by  that  authority  pursuant  to  section  five  hundred fifty-three-d of this chapter for transit projects  undertaken  for  the New  York  city  transit  authority and its subsidiaries. Subject to the provisions of such pledge, any excess monies, or in the event  there  is no  such  pledge,  any moneys in such account shall, at the direction of the metropolitan transportation authority, be (a) deposited into one  or more  funds  or  accounts  and  used  as  contemplated by section twelve hundred seventy-d of this title or (b) used for the payment of operating and capital costs of  the  New  York  city  transit  authority  and  its subsidiaries and the Staten Island rapid transit operating authority.   3. The authority shall transfer in nineteen hundred eighty-seven up to twenty million dollars of the moneys in the commuter railroad account to the  suburban  transportation  fund  in  accordance with the terms of an agreement between the authority and  the  department  of  transportation with  respect  thereto,  established  herein,  and  pursuant  to section eighty-eight-b of  the  state  finance  law.  In  subsequent  years  the authority  shall  transfer  twenty  million dollars of the moneys in the commuter  railroad  account  to  the  suburban  transportation  fund  in accordance  with the terms of an agreement between the authority and the department of transportation with respect thereto,  established  herein, and pursuant to section eighty-eight-b of the state finance law.   In the event the transfer to the suburban transportation fund provided pursuant  to  this  subdivision  results  in  an  operating  deficit, as certified by the director of the division of the budget, in consultation with the authority, that portion of the  deficit  attributable  to  such transfer  shall  be  appropriated from the general fund to the authority for commuter railroad operating purposes, provided, however,  that  such appropriation shall not exceed twenty million dollars.    The  remaining  moneys in the commuter railroad account may be pledged to the Triborough bridge and tunnel authority to secure bonds and  notes and,  if  so  pledged, shall be paid to the Triborough bridge and tunnel authority in such amounts and at such times as necessary to  pay  or  to reimburse  that  authority  for  its payment of debt service and reserve requirements on that portion of special  Triborough  bridge  and  tunnel authority  bonds  and notes issued by that authority pursuant to section five hundred fifty-three-d of this chapter for transportation facilities undertaken for the  authority  and  its  subsidiaries.  Subject  to  the provisions  of any such pledge, any excess monies, or in the event there is no such pledge, any moneys in such account shall, at the direction of the metropolitan transportation authority, be (a) deposited into one  or more  funds  or  accounts  and  used  as  contemplated by section twelve hundred seventy-d of this title or, (b) used for  payment  of  operating and  capital  costs  of  the  Long  Island  Rail  Road  company  and the Metro-North commuter railroad company.   4. (a) Moneys in the corporate transportation account shall  first  be used for payments to the metropolitan transportation authority Dutchess, Orange and Rockland fund established by section twelve hundred seventy-b of  this  title.  The  remaining  moneys in the corporate transportation account may be pledged by the authority, or pledged  to  the  Triborough bridge and tunnel authority, to secure bonds, notes or other obligations of  the  authority or the Triborough bridge and tunnel authority, as the case may be, and, if so pledged to  the  Triborough  bridge  and  tunnel authority,  shall  be paid to the Triborough bridge and tunnel authority in such amounts and at such times as necessary to pay  or  to  reimburse that authority for its payment of debt service and reserve requirements, if  any,  on  that  portion  of  special  Triborough  bridge  and tunnel authority bonds and notes issued by that authority pursuant  to  section five hundred fifty-three-d of this chapter. Subject to the provisions of any  such  pledge,  or  in the event there is no such pledge, any excess moneys in the corporate  transportation  account  may  be  used  by  the authority  for  payment  of  operating  costs  of,  and  capital  costs, including debt service and reserve requirements, if any, of or  for  the authority, the New York city transit authority and their subsidiaries as the authority shall determine.  (b)  Commencing  in calendar year nineteen hundred eighty-nine, and in each subsequent year thereafter, the authority shall  transfer  in  four equal quarterly amounts from the corporate transportation account to the metropolitan transportation authority Dutchess, Orange and Rockland fund created  by section twelve hundred seventy-b of this title the following amounts: to the Dutchess account of such fund the  sum  of  one  million five  hundred  thousand  dollars; to the Orange account of such fund the sum of one million five hundred thousand dollars; and  to  the  Rockland account of such fund the sum of two million dollars.  (c) Commencing in calendar year nineteen hundred ninety, and each year thereafter,   the   authority   shall   transfer   from   the  corporate transportation account to the Dutchess account, the Orange  account  and the  Rockland  account,  respectively, an amount equal to the percent by which such county's payments to the authority in the preceding  calendar year  pursuant  to the provisions of subdivisions one and two of section two hundred sixty-one of the tax law increased  over  such  payments  in nineteen  hundred  eighty-nine  times  one million five hundred thousand dollars for Dutchess county, one million five hundred  thousand  dollars for Orange county and two million dollars for Rockland county; provided, however,  that in no event shall such amount reduce the amount that each county would receive pursuant to paragraph (b) of  this  subdivision  be reduced  by  operation of this paragraph, and provided further, however,  for purposes of calculating the percent by which such county's  payments to  the  authority  in  the  preceding  calendar  year  pursuant  to the provisions of subdivisions one and two of section two hundred  sixty-one of  the  tax  law  increased  over  such  payments  in  nineteen hundred eighty-nine, there shall be excluded the amount by which the payments in each such year increased as  a  result  of  the  recording  tax  imposed pursuant  to  the  provisions  of subdivision one of section two hundred sixty-one of the tax law being in excess of twenty-five cents  for  each one hundred dollars.  (d)  (1)  In the event the county of Dutchess, the county of Orange or the county of Rockland withdraws from  the  metropolitan  transportation district,   the   authority   shall  not  transfer  from  the  corporate transportation account  to  the  metropolitan  transportation  authority Dutchess, Orange and Rockland fund that portion of the moneys that would otherwise be transferred from such account to such fund to the credit of such withdrawing county or counties.  (2)  For  purposes  of  this  subdivision,  a county is deemed to have withdrawn if a resolution is adopted and filed by the county legislature of such county  providing  a  public  transportation  plan  pursuant  to section twelve hundred seventy-nine-b of this title.  (e)  Notwithstanding the foregoing provisions of this subdivision, any moneys in the corporate transportation account that are received by  the authority: (i) without appropriation pursuant to subdivision one of this section,  or (ii) pursuant to the provisions of section ninety-two-ff of the state finance law may be pledged by the authority, or pledged to the Triborough bridge and tunnel authority, to secure bonds, notes or  other obligations  of  the  authority  or  the  Triborough  bridge  and tunnel authority, as the case may be, and, if  so  pledged  to  the  Triborough bridge  and tunnel authority, shall be paid to the Triborough bridge and tunnel authority in such amounts and at such times as necessary  to  pay or  to  reimburse  that  authority  for  its payment of debt service and reserve requirements, if any, on  that  portion  of  special  Triborough bridge  and  tunnel  authority  bonds and notes issued by that authority pursuant to section five hundred fifty-three-d of this chapter.  Subject to  the  provisions of any such pledge, or in the event there is no such pledge, any moneys in the corporate transportation account  received  by the  authority: (i) without appropriation pursuant to subdivision one of this  section,  or  (ii)  pursuant  to   the   provisions   of   section ninety-two-ff  of the state finance law may be used by the authority for payment of operating costs of, and capital costs, including debt service and reserve requirements, if any, of or for the authority, the New  York city  transit  authority  and  their subsidiaries as the authority shall determine. No moneys in the corporate transportation  account  that  are reserved  by  the  authority:  (i)  without  appropriation  pursuant  to subdivision one of this section; or (ii) pursuant to the  provisions  of section  ninety-two-ff  of  the state finance law may be used for making any payment to the Dutchess, Orange and Rockland fund created by section twelve hundred seventy-b of this title or considered in calculating  the amounts required to be paid into such fund.