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

§  1270-h.  Metropolitan transportation authority finance fund. 1. The
  authority shall establish a  fund  to  be  known  as  the  "metropolitan
  transportation authority finance fund" which shall be kept separate from
  and shall not be commingled with any other moneys of the authority.
2.  The comptroller shall deposit into the metropolitan transportation
  authority finance fund  (a)  monthly,  pursuant  to  appropriation,  the
  moneys  deposited  in the mobility tax trust account of the metropolitan
  transportation authority  financial  assistance  fund  pursuant  to  any
  provision  of  law directing or permitting the deposit of moneys in such
  fund, and  (b)  without  appropriation,  the  revenue  including  taxes,
  interest and penalties collected in accordance with article twenty-three
  of the tax law.
3.  Moneys  in  the fund may be (a) pledged by the authority to secure
  and be applied to the payment of the bonds, notes or  other  obligations
  of  the  authority issued on or after the effective date of this section
  to finance capital projects of the authority and  its  subsidiaries  and
  the  New  York  city transit authority and any subsidiaries; or (b) used
  for  payment  of  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.
  Subject  to  the provisions of any such pledge, or in the event there is
  no such pledge, any excess moneys in  this  fund  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.  To the extent moneys in the fund have
  been pledged by the authority to secure and  pay  the  bonds,  notes  or
  other obligations of the authority issued to finance capital projects of
  the  authority  and  its  subsidiaries  and  the  New  York city transit
  authority and any subsidiaries as herein provided, monies deposited into
  the fund shall be deposited 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.
4. Any monies 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 twenty-three 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 twenty-three  of  the
  tax  law,  no entity paying a mobility tax under article twenty-three of
  the tax law shall have any right or claim against the authority, any  of
  their  bondholders, any of the authority's other subsidiaries or the New
  York city transit authority or  any  subsidiary  to  any  moneys  in  or
  distributed  from  the fund or in respect of a refund, rebate, credit or
  reimbursement of taxes paid under article twenty-three of the tax law.