§ 1225-I — Payments to the fund

New York § 1225-I

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 9-A: Transit Construction Fund
• Art. 5: Public Utility Authorities

Text

§ 1225-i. Payments to the fund. (a) To further enable the fund to\nrealize its public and governmental purpose the city shall, in addition\nto any other financial assistance, annually pay to the fund in respect\nto each city fiscal year an amount equal to the aggregate of all rentals\nand other payments due and coming due to the transportation authority\nfrom the fund for that city fiscal year pursuant to any lease or other\nagreement entered into between the transportation authority and the\nfund, which amount shall be payable on or before the fifteenth day of\nSeptember of such city fiscal year, provided however, that such amount\nshall have been appropriated by the city to the fund or shall otherwise\nhave been made lawfully available for such purpose.\n (b) In the event of the failure of the city to pay to the fund, on or\nbefore such fifteenth day of September, all or part of such amount, the\nfund or its designate shall forthwith make and deliver to the\ncomptroller of the state a certificate stating such amount and the sum,\nif any, paid by the city to the fund with respect to such amount and\nfurther stating the difference between such amount and such sum, and,\nafter the state comptroller shall have promptly given written notice to\nthe budget director, such difference shall be paid to the fund or its\ndesignate whichever makes and delivers such certificate by the state\ncomptroller out of any succeeding payments of state aid apportioned to\nthe city as per capita aid for the support of local government pursuant\nto section fifty-four of the state finance law or such other aid or\nassistance payable by the state to the city and not otherwise allocated\nas shall supersede or supplement such state per capita aid, including\nfederal moneys apportioned to the city by the state; except, however,\nthat prior to any deductions from any such aid or assistance, the\nmoneys, if any, then payable to the city university construction fund\npursuant to the provisions of the city university construction fund act\nor to the New York city housing development corporation pursuant to the\nNew York city housing development corporation act or to the transit\nauthority pursuant to chapter seven of the laws of nineteen hundred\nseventy-two shall be paid in full to such fund, corporation or\nauthority.\n (c) Since the fund's continued discharge of its public and\ngovernmental purpose to provide transit facilities is of benefit to the\ncity, the city shall pay, within the appropriations available therefor,\nthe expenses of the establishment and continued operation of the fund.\n (d) The city shall have the power to enter into agreements with the\ntransportation authority to which the transit authority may be a party,\nto pay for planning, design and feasibility studies undertaken or caused\nto be undertaken by the transportation authority.\n (e) Notwithstanding any other provision of law, the city shall have\nthe power to contract indebtedness and to issue its obligations pursuant\nto the local finance law for the purpose of financing any payment\nauthorized or required to be made by this section. Any such payment\nshall constitute an object or purpose for which the period of probable\nusefulness is hereby determined to be five years.\n