2023 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.