§ 1270-A — Metropolitan transportation authority special assistance fund

New York § 1270-A

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 11: Metropolitan Commuter Transportation Authority
• Art. 5: Public Utility Authorities

Text

§ 1270-a. Metropolitan transportation authority special assistance\nfund. 1. The authority shall create and establish a fund to be known as\nthe "metropolitan transportation authority special assistance fund"\nwhich shall be kept separate from and shall not be commingled with any\nother moneys of the authority. The special assistance fund shall consist\nof three separate accounts: (i) the "transit account", (ii) the\n"commuter railroad account" and (iii) the "corporate transportation\naccount".\n The authority shall make deposits in the transit account and the\ncommuter railroad account of the moneys received by it pursuant to the\nprovisions of subdivision one of section two hundred sixty-one of the\ntax law in accordance with the provisions thereof, and shall make\ndeposits in the corporate transportation account of the moneys received\nby it pursuant to the provisions of subdivision two of section two\nhundred sixty-one of the tax law and section ninety-two-ff of the state\nfinance law. The comptroller shall deposit, without appropriation, into\nthe corporate transportation account the revenue fees, taxes, interest\nand penalties collected in accordance with paragraph (b-1) of\nsubdivision two of section five hundred three of the vehicle and traffic\nlaw, paragraph (c-3) of subdivision two of section five hundred three of\nthe vehicle and traffic law, article seventeen-C of the vehicle and\ntraffic law, article twenty-nine-A of the tax law and section eleven\nhundred sixty-six-a of the tax law.\n 2. Moneys in the transit account may be pledged to the Triborough\nbridge and tunnel authority to secure bonds and notes and, if so\npledged, shall be paid to the Triborough bridge and tunnel authority in\nsuch amounts and at such times as necessary to pay or to reimburse that\nauthority for its payment of debt service and reserve requirements on\nthat portion of special Triborough bridge and tunnel authority bonds and\nnotes issued by that authority pursuant to section five hundred\nfifty-three-d of this chapter for transit projects undertaken for the\nNew York city transit authority and its subsidiaries. Subject to the\nprovisions of such pledge, any excess monies, or in the event there is\nno such pledge, any moneys in such account shall, at the direction of\nthe metropolitan transportation authority, be (a) deposited into one or\nmore funds or accounts and used as contemplated by section twelve\nhundred seventy-d of this title or (b) used for the payment of operating\nand capital costs of the New York city transit authority and its\nsubsidiaries and the Staten Island rapid transit operating authority.\n 3. The authority shall transfer in nineteen hundred eighty-seven up to\ntwenty million dollars of the moneys in the commuter railroad account to\nthe suburban transportation fund in accordance with the terms of an\nagreement between the authority and the department of transportation\nwith respect thereto, established herein, and pursuant to section\neighty-eight-b of the state finance law. In subsequent years the\nauthority shall transfer twenty million dollars of the moneys in the\ncommuter railroad account to the suburban transportation fund in\naccordance with the terms of an agreement between the authority and the\ndepartment of transportation with respect thereto, established herein,\nand pursuant to section eighty-eight-b of the state finance law.\n In the event the transfer to the suburban transportation fund provided\npursuant to this subdivision results in an operating deficit, as\ncertified by the director of the division of the budget, in consultation\nwith the authority, that portion of the deficit attributable to such\ntransfer shall be appropriated from the general fund to the authority\nfor commuter railroad operating purposes, provided, however, that such\nappropriation shall not exceed twenty million dollars.\n The remaining moneys in the commuter railroad account may be pledged\nto the Triborough bridge and tunnel authority to secure bonds and notes\nand, if so pledged, shall be paid to the Triborough bridge and tunnel\nauthority in such amounts and at such times as necessary to pay or to\nreimburse that authority for its payment of debt service and reserve\nrequirements on that portion of special Triborough bridge and tunnel\nauthority bonds and notes issued by that authority pursuant to section\nfive hundred fifty-three-d of this chapter for transportation facilities\nundertaken for the authority and its subsidiaries. Subject to the\nprovisions of any such pledge, any excess monies, or in the event there\nis no such pledge, any moneys in such account shall, at the direction of\nthe metropolitan transportation authority, be (a) deposited into one or\nmore funds or accounts and used as contemplated by section twelve\nhundred seventy-d of this title or, (b) used for payment of operating\nand capital costs of the Long Island Rail Road company and the\nMetro-North commuter railroad company.\n 4. (a) Moneys in the corporate transportation account shall first be\nused for payments to the metropolitan transportation authority Dutchess,\nOrange and Rockland fund established by section twelve hundred seventy-b\nof this title. The remaining moneys in the corporate transportation\naccount may be pledged by the authority, or pledged to the Triborough\nbridge and tunnel authority, to secure bonds, notes or other obligations\nof the authority or the Triborough bridge and tunnel authority, as the\ncase may be, and, if so pledged to the Triborough bridge and tunnel\nauthority, shall be paid to the Triborough bridge and tunnel authority\nin such amounts and at such times as necessary to pay or to reimburse\nthat authority for its payment of debt service and reserve requirements,\nif any, on that portion of special Triborough bridge and tunnel\nauthority bonds and notes issued by that authority pursuant to section\nfive hundred fifty-three-d of this chapter. Subject to the provisions of\nany such pledge, or in the event there is no such pledge, any excess\nmoneys in the corporate transportation account may be used by the\nauthority for payment of operating costs of, and capital costs,\nincluding debt service and reserve requirements, if any, of or for the\nauthority, the New York city transit authority and their subsidiaries as\nthe authority shall determine.\n (b) Commencing in calendar year nineteen hundred eighty-nine, and in\neach subsequent year thereafter, the authority shall transfer in four\nequal quarterly amounts from the corporate transportation account to the\nmetropolitan transportation authority Dutchess, Orange and Rockland fund\ncreated by section twelve hundred seventy-b of this title the following\namounts: to the Dutchess account of such fund the sum of one million\nfive hundred thousand dollars; to the Orange account of such fund the\nsum of one million five hundred thousand dollars; and to the Rockland\naccount of such fund the sum of two million dollars.\n (c) Commencing in calendar year nineteen hundred ninety, and each year\nthereafter, the authority shall transfer from the corporate\ntransportation account to the Dutchess account, the Orange account and\nthe Rockland account, respectively, an amount equal to the percent by\nwhich such county's payments to the authority in the preceding calendar\nyear pursuant to the provisions of subdivisions one and two of section\ntwo hundred sixty-one of the tax law increased over such payments in\nnineteen hundred eighty-nine times one million five hundred thousand\ndollars for Dutchess county, one million five hundred thousand dollars\nfor Orange county and two million dollars for Rockland county; provided,\nhowever, that in no event shall such amount reduce the amount that each\ncounty would receive pursuant to paragraph (b) of this subdivision be\nreduced by operation of this paragraph, and provided further, however,\nfor purposes of calculating the percent by which such county's payments\nto the authority in the preceding calendar year pursuant to the\nprovisions of subdivisions one and two of section two hundred sixty-one\nof the tax law increased over such payments in nineteen hundred\neighty-nine, there shall be excluded the amount by which the payments in\neach such year increased as a result of the recording tax imposed\npursuant to the provisions of subdivision one of section two hundred\nsixty-one of the tax law being in excess of twenty-five cents for each\none hundred dollars.\n (d) (1) In the event the county of Dutchess, the county of Orange or\nthe county of Rockland withdraws from the metropolitan transportation\ndistrict, the authority shall not transfer from the corporate\ntransportation account to the metropolitan transportation authority\nDutchess, Orange and Rockland fund that portion of the moneys that would\notherwise be transferred from such account to such fund to the credit of\nsuch withdrawing county or counties.\n (2) For purposes of this subdivision, a county is deemed to have\nwithdrawn if a resolution is adopted and filed by the county legislature\nof such county providing a public transportation plan pursuant to\nsection twelve hundred seventy-nine-b of this title.\n (e) Notwithstanding the foregoing provisions of this subdivision, any\nmoneys in the corporate transportation account that are received by the\nauthority: (i) without appropriation pursuant to subdivision one of this\nsection, or (ii) pursuant to the provisions of section ninety-two-ff of\nthe state finance law may be pledged by the authority, or pledged to the\nTriborough bridge and tunnel authority, to secure bonds, notes or other\nobligations of the authority or the Triborough bridge and tunnel\nauthority, as the case may be, and, if so pledged to the Triborough\nbridge and tunnel authority, shall be paid to the Triborough bridge and\ntunnel authority in such amounts and at such times as necessary to pay\nor to reimburse that authority for its payment of debt service and\nreserve requirements, if any, on that portion of special Triborough\nbridge and tunnel authority bonds and notes issued by that authority\npursuant to section five hundred fifty-three-d of this chapter. Subject\nto the provisions of any such pledge, or in the event there is no such\npledge, any moneys in the corporate transportation account received by\nthe authority: (i) without appropriation pursuant to subdivision one of\nthis section, or (ii) pursuant to the provisions of section\nninety-two-ff of the state finance law may be used by the authority for\npayment of operating costs of, and capital costs, including debt service\nand reserve requirements, if any, of or for the authority, the New York\ncity transit authority and their subsidiaries as the authority shall\ndetermine. No moneys in the corporate transportation account that are\nreserved by the authority: (i) without appropriation pursuant to\nsubdivision one of this section; or (ii) pursuant to the provisions of\nsection ninety-two-ff of the state finance law may be used for making\nany payment to the Dutchess, Orange and Rockland fund created by section\ntwelve hundred seventy-b of this title or considered in calculating the\namounts required to be paid into such fund.\n