2023 New York Laws › PBA - Public Authorities › Article 5 - Public Utility Authorities › Title 11 - Metropolitan Commuter Transportation Authority › 1270-C - Metropolitan Transportation Authority Dedicated Tax Fund.

§ 1270-c. Metropolitan transportation authority dedicated tax fund. 1.
  The  authority  shall  establish a fund to be known as the "metropolitan
  transportation  authority  dedicated  tax  fund"  which  shall  be  kept
  separate  from  and shall not be commingled with any other moneys of the
  authority. The fund shall consist of a "pledged amounts account" and  an
  "operating  and  capital  costs  account"  and  such  other accounts and
  subaccounts as the authority may determine.
2. There shall be deposited, pursuant to appropriation, into the  fund
  the moneys deposited in the dedicated mass transportation trust fund for
  payment  to the metropolitan transportation authority dedicated tax fund
  pursuant to the provisions of subdivision (d) of section  three  hundred
  one-j  of the tax law, and any other moneys collected for or transferred
  to such fund pursuant to section eighty-eight-a of the state finance law
  and any other provision of law directing or permitting  the  deposit  of
  moneys in such fund.
3.  Moneys  in  the fund may be (a) pledged by the authority to secure
  and be applied to the payment of its bonds, notes or  other  obligations
  specified  by  the  authority and issued to finance (i) transit projects
  undertaken for the New York city transit authority and its  subsidiaries
  and  (ii) transportation facilities undertaken for the authority and its
  subsidiaries and (b) used for payment of operating  costs,  and  capital
  costs, including debt service, reserve requirements, if any, the payment
  of amounts required under bond and note facilities or agreements related
  thereto,  the  payment  of  federal government loans, security or credit
  arrangements or other agreements related thereto, and the payment of all
  costs related to such obligations, of or for the authority, the New York
  city transit authority and their subsidiaries  as  the  authority  shall
  determine.  To  the  extent  moneys in the fund have been pledged by the
  authority to secure and pay its bonds, notes  or  other  obligations  as
  herein provided, moneys deposited into the fund shall first be deposited
  into  the pledged amounts account to the extent necessary to satisfy the
  requirements of any debt service or reserve requirements, if any, of the
  resolution authorizing such bonds, notes  or  other  obligations.  After
  satisfaction of such requirements of the resolution, or if the authority
  has  not so pledged the moneys in the fund, moneys deposited in the fund
  shall be directly deposited into the operating and capital costs account
  and, subject to the provisions of any resolutions of the  authority  not
  secured  by the pledged amounts account, transferred forthwith to or for
  the benefit of the New York city transit authority and its  subsidiaries
  and  the  Staten Island rapid transit operating authority (the "TA") and
  to and for the benefit of the Long Island  Rail  Road  company  and  the
  Metro-North  commuter  rail road company (the "CRR") as provided in this
  section.
Moneys in the operating and capital costs account which were deposited
  in the fund pursuant to  appropriation  from  moneys  deposited  in  the
  dedicated mass transportation trust fund for payment to the metropolitan
  transportation  authority dedicated tax fund pursuant to subdivision (d)
  of section three hundred one-j  of  the  tax  law  (the  "remaining  PBT
  amount")  shall  be  distributed  by the authority as follows: an amount
  equal to the debt service incurred in such calendar year as a result  of
  obligations issued and secured by moneys in the fund, to the extent such
  debt  service is to be paid from money deposited in the fund pursuant to
  appropriation from moneys deposited in the dedicated mass transportation
  trust fund for payment  to  the  metropolitan  transportation  authority
  dedicated  tax fund pursuant to subdivision (d) of section three hundred
  one-j of the tax law  ("PBT  debt  service"),  shall  be  added  to  the
  remaining  PBT  amount. The sum of these figures shall then be allocated
  as follows: eighty-five per centum of such sum shall be allocated to the

  TA and fifteen per centum of such sum shall be allocated to the CRR. The
  amounts  so  allocated  shall  then  be  reduced  respectively  by   the
  proportional amount of PBT debt service attributable to the payments for
  transit  projects  undertaken  for  the  TA  and transportation facility
  projects undertaken for the CRR. The remaining amounts shall  constitute
  the  respective  distributable  shares  of  the remaining PBT amount and
  shall be distributed to or for the benefit of the TA and the CRR.
Moneys in the operating and capital costs account which were deposited
  in the fund pursuant to section eighty-eight-a of the state finance  law
  (the  "remaining MMTOA amount") shall be distributed by the authority as
  follows: an amount equal to the debt service incurred in  such  calendar
  year as a result of obligations issued and secured by money in the fund,
  to  the  extent  such debt service is to be paid from money deposited in
  the fund pursuant to section eighty-eight-a of  the  state  finance  law
  ("MMTOA  debt  service"),  shall be added to the remaining MMTOA amount.
  The sum of these figures shall then be allocated as follows: there shall
  be allocated (i) to the TA an amount of such sum which  bears  the  same
  proportion  to  such sum as the amount appropriated and paid during such
  calendar  year  from  the  metropolitan  mass  transportation  operating
  assistance account to the authority for the operating expenses of the TA
  bears  to the total amounts so appropriated and paid from such operating
  assistance account during such calendar year to the TA and CRR  combined
  and  (ii)  to  the  CRR  an  amount  of  such  sum  which bears the same
  proportion to such sum as the amount appropriated and paid  during  such
  calendar  year  from  the  metropolitan  mass  transportation  operating
  assistance account to the CRR bears to the total amounts so appropriated
  and paid from such operating assistance  account  during  such  calendar
  year  to the TA and CRR combined. The amounts so allocated shall then be
  reduced respectively by the proportional amount of  MMTOA  debt  service
  attributable  to the payments for transit projects undertaken for the TA
  and  transportation  facility  projects  undertaken  for  the  CRR.  The
  remaining  amounts  shall constitute the respective distributable shares
  of the remaining MMTOA amount and shall be distributed  to  or  for  the
  benefit  of  the TA and the CRR. In no event shall the authority utilize
  any measure or calculation for  determining  such  distributable  shares
  other  than  the  formula prescribed herein nor shall the authority take
  any action which would  result  in  the  use  of  such  money  which  is
  different from or inconsistent with the use prescribed in this section.
To  the  extent that amounts described in the preceding two paragraphs
  are distributed more frequently than annually,  each  such  distribution
  shall  be  made  as  nearly as may be practicable in accordance with the
  allocations described above to the TA and the CRR.  Within  thirty  days
  after  the end of each calendar year, the authority shall certify to the
  director of the budget, the chairperson of the senate finance  committee
  and the chairperson of the assembly ways and means committee, the amount
  of  money  deposited  in  the fund pursuant to appropriation from moneys
  deposited in the dedicated mass transportation trust fund for payment to
  the metropolitan transportation authority dedicated tax fund pursuant to
  subdivision (d) of section three  hundred  one-j  of  the  tax  law  and
  section  eighty-eight-a  of  the state finance law, the amounts expended
  from the pledged amounts account for the benefit of the TA and the  CRR,
  and  the  amounts  of  the  remaining PBT amount and the remaining MMTOA
  amount distributed during the prior calendar year to the TA and the  CRR
  and  specifying  in  each case the appropriation or appropriations which
  was the source of such amounts.
4. Any money deposited in the fund shall be held in the fund free  and
  clear  of  any  claim by any person arising out of or in connection with
  article thirteen-A of the tax law. Without limiting  the  generality  of

  the  foregoing  and  without  limiting  the  rights  and  duties  of the
  commissioner of taxation and finance under article thirteen-A of the tax
  law, no petroleum business, as defined in section three hundred  of  the
  tax  law, or any other person, including the state, shall have any right
  or claim against the authority, any of its bondholders, the  TA  or  the
  CRR  to  any  moneys  in or distributed from the fund or in respect of a
  refund, rebate, credit or reimbursement  of  taxes  paid  under  article
  thirteen-A of the tax law.