§ 1203-B — Transfer of funds

New York § 1203-B

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 9: New York City Transit Authority
• Art. 5: Public Utility Authorities

Text

§ 1203-b. Transfer of funds. The authority and its subsidiary\ncorporation, the Manhattan and Bronx surface transit operating\nauthority, may each transfer to the other from time to time such\navailable funds as they may jointly determine to be necessary or\ndesirable, including funds accepted by the authority pursuant to the\nprovisions of section twelve hundred nineteen-a of this title. Subject\nto the rights of the holders of any outstanding bonds, notes or other\nobligations of the authority, metropolitan transportation authority and\nTriborough bridge and tunnel authority, and to facilitate the efficient\nfinancial management of the authority, its subsidiary corporations,\nmetropolitan transportation authority and its subsidiary corporations,\nand Triborough bridge and tunnel authority (the "affiliated entities"),\nthe authority may, and shall at the direction of metropolitan\ntransportation authority, transfer revenues, subsidies and other monies\nor securities to one or more funds or accounts of another affiliated\nentity for use by such other affiliated entity, provided at the time of\nsuch transfer it is reasonably anticipated that the monies and\nsecurities so transferred will be reimbursed, repaid or otherwise\nprovided for by the end of the next succeeding calendar year if\nreimbursement or repayment is required by law or by any agreement to\nwhich any of the affected affiliated entities is subject. Any revenues\nof an affiliated entity that are transferred to another affiliated\nentity, which transfer was not authorized by a provision of law other\nthan this section, shall be considered to be required to be repaid to\nthe affiliated entity which was the source of such revenues by the end\nof the next succeeding calendar year following such transfer.\n