§ 1219-A — Transfer and receipt of surplus funds

New York § 1219-A

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

Text

§ 1219-a. Transfer and receipt of surplus funds. 1. Notwithstanding\nany provision of this title or any other provision of law, general,\nspecial or local, the authority may from time to time transfer and pay\nover to metropolitan transportation authority or triborough bridge and\ntunnel authority all or any part of its surplus funds; and may accept\nand use any moneys transferred and paid over to it by metropolitan\ntransportation authority or triborough bridge and tunnel authority.\n 2. Notwithstanding the provisions of the preceding subdivision of this\nsection:\n (a) If the city shall have provided in its capital budget for its\nfiscal year beginning July first, nineteen hundred sixty-eight the\namount of one hundred million dollars, or such lesser amount as shall\nhave been requested by the authority for inclusion in such budget, for\nthe payment of the capital cost of projects requested by the authority\npursuant to section twelve hundred three of this title, then upon the\nwritten request of the mayor made within thirty days after the\ncommencement of such fiscal year, triborough bridge and tunnel authority\nshall transfer to the authority, by lump sum payment or installments at\nsuch time or times and in such amounts as the mayor shall elect, all or\nsuch part of the surplus funds of triborough bridge and tunnel authority\non hand as of the last day of its last fiscal year ending prior to such\nrequest as the mayor shall specify, which funds shall be applied by the\nauthority solely to the payment of its expenses of operation. If the\ncity shall have provided in its capital budget for any of its next four\nfiscal years, commencing with the fiscal year beginning July first,\nnineteen hundred sixty-nine, the amount of one hundred million dollars,\nor such lesser amount as shall have been requested by the authority for\ninclusion in such budget, for the payment of the capital cost of\nprojects requested by the authority pursuant to section twelve hundred\nthree of this title, then upon the written request of the mayor made\nwithin thirty days after the commencement of such fiscal year,\ntriborough bridge and tunnel authority shall transfer to the authority\nsolely for application to the payment of expenses of operation of the\nauthority the operating surplus of triborough bridge and tunnel\nauthority for its last fiscal year ending prior to such request, which\ntransfer shall also be by lump sum payment or installments at such time\nor times and in such amounts as the mayor shall elect. Projects shall be\neligible for inclusion in a computation made hereunder only if included\nin a capital budget on the first day of the fiscal year for which it is\nadopted. A carry-over project shall not be eligible for inclusion unless\nit was first included in a capital budget by way of an amendment\nthereto, in which event it shall be eligible for inclusion in a\ncomputation made hereunder with respect to the first fiscal year of the\ncity commencing after the adoption of the amendment.\n (b) Promptly upon the making of the certification of its operating\nsurplus, if any, for its fiscal year ending December thirty-first,\nnineteen hundred seventy-two and for each of its subsequent fiscal\nyears, triborough bridge and tunnel authority, at the direction of\nmetropolitan transportation authority, shall transfer such operating\nsurplus (1) to the metropolitan transportation authority for deposit\ninto one or more funds or accounts to be used as contemplated by section\ntwelve hundred seventy-d of this article, or (2) to the authority and\nthe metropolitan transportation authority solely for application to the\npayment of the expenses of operation. For purposes of determining the\nproportional allocation of the operating surplus as between the\nauthority and the metropolitan transportation authority, the following\nformula shall apply: (i) twenty-four million dollars plus fifty\npercentum of the balance of such operating surplus shall be allocable to\nthe authority, and (ii) the remainder shall be allocable to metropolitan\ntransportation authority on behalf of the commuter railroads operated by\nit, by its subsidiary corporations or by others under joint\narrangements.\n (c) Triborough bridge and tunnel authority is authorized, at the\ndirection of the metropolitan transportation authority, from time to\ntime to make advances from available funds on account of the operating\nsurplus it anticipates will or may be certified and transferred as\nprovided in this subdivision to (1) the metropolitan transportation\nauthority for deposit into one or more funds or accounts to be used as\ncontemplated by section twelve hundred seventy-d of this article, or (2)\nthe authority and the metropolitan transportation authority solely for\napplication to the payment of the expenses of operation. In the event\nthat advances so made in respect of any fiscal year including the year\nin which the surpluses are being earned exceed the amounts required to\nbe transferred to the authority and metropolitan transportation\nauthority pursuant to the provisions of this subdivision, then the\namount of any such excess shall be refunded to triborough bridge and\ntunnel authority by the authority or metropolitan transportation\nauthority, as the case may be, within thirty days of the making by\ntriborough bridge and tunnel authority of its certification of operating\nsurplus for such fiscal year.\n (d) For the purposes of this subdivision, the existence and the amount\nof surplus funds and operating surplus of triborough bridge and tunnel\nauthority shall be determined in accordance with the provisions of\nsubdivision twelve of section five hundred fifty-three of this chapter.\n (e) Triborough bridge and tunnel authority shall certify to the mayor\nand to the chairman of metropolitan transportation authority within\nninety days after the end of its fiscal year ending December\nthirty-first, nineteen hundred sixty-seven, and within forty-five days\nafter the end of each of its subsequent fiscal years, the amount of its\noperating surplus for that year and, in the case of the fiscal year\nending December thirty-first, nineteen hundred sixty-seven, the amount\nof all of its surplus funds on hand as of the last day of such fiscal\nyear.\n (f) No transfer of funds shall be made to the authority pursuant to\nany provision of this section at any time when there shall have been\npending and not acted upon by the mayor for ninety days any request of\nthe authority for permission to expend or contract to expend funds for a\nproject included in a capital budget for transit facility purposes.\nThere shall be excluded from such ninety-day period any time during\nwhich the mayor is prevented from acting by order of court or by\noperation of law.\n 3. Notwithstanding the preceding subdivisions of this section, for\npurposes of determining the proportional allocation of the operating\nsurplus of the Triborough bridge and tunnel authority between the\nauthority and the metropolitan transportation authority the following\nformula shall be used: An amount equal to the debt service incurred in\nsuch year as a result of the bonds issued to provide facilities pursuant\nto paragraphs (m), (n), (o), (p) and (r) of subdivision nine of section\nfive hundred fifty-three of this chapter shall be added to the operating\nsurplus of the Triborough bridge and tunnel authority, as certified by\nthat authority. The sum of these figures shall then be allocated to the\nauthority and the commuter railroads operated by metropolitan\ntransportation authority or by its subsidiary corporations, pursuant to\nthe formula contained in paragraph (b) of subdivision two of this\nsection as if this amount were the operating surplus of the Triborough\nbridge and tunnel authority. The amounts so allocated to the authority\nand the commuter railroads operated by metropolitan transportation\nauthority or by its subsidiary corporations, shall then be reduced\nrespectively by the proportional amount of the debt service, incurred in\nsuch year by the Triborough bridge and tunnel authority pursuant to\nparagraphs (m), (n), (o), (p) and (r) of subdivision nine of section\nfive hundred fifty-three of this chapter, reasonably attributable to the\npayments for transit projects undertaken for the authority and its\nsubsidiaries and transportation facility projects undertaken for the\ncommuter railroads operated by the metropolitan transportation authority\nor by its subsidiary corporations. The remaining amounts shall\nconstitute the respective allocation of operating surplus for the\nauthority and the commuter railroads operated by the metropolitan\ntransportation authority or by its subsidiary corporations.\n