§ 1270-D — Consolidated financings

New York § 1270-D

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

Text

§ 1270-d. Consolidated financings. 1. Notwithstanding any inconsistent\nprovisions of this or any other law, general, special or local, the\nauthority may issue its notes, bonds and other obligations to finance\ntransportation facilities, including transit projects and Triborough\nbridge and tunnel authority projects, utilizing a consolidated pledge of\nall or any portion of the revenues and other monies and assets of the\nauthority and its subsidiaries, New York city transit authority and its\nsubsidiaries, and Triborough bridge and tunnel authority, together with\nthose other sources of payment described in this section. In connection\ntherewith, at its discretion, the authority, subject to the rights of\nthe holders of notes, bonds or other obligations of the authority, New\nYork city transit authority or Triborough bridge and tunnel authority,\nmay (a) agree with the New York city transit authority or Triborough\nbridge and tunnel authority that any such entity will deposit all or any\nportion of the revenues, other monies and assets received by it or its\nsubsidiaries into one or more funds or accounts, and (b) deposit or\ncause to be deposited into one or more funds and accounts (i) all or any\nportion of the revenues, other monies and assets received by the\nauthority and its subsidiaries, (ii) all or any portion of the annual\noperating surplus of Triborough bridge and tunnel authority as certified\npursuant to paragraph (b) of subdivision two of section twelve hundred\nnineteen-a of this article, (iii) all or any portion of the amounts from\nthe operating and capital costs account of the metropolitan\ntransportation authority dedicated tax fund required to be distributed\nto New York city transit authority and the commuter railroad\nsubsidiaries of the authority under the provisions of section twelve\nhundred seventy-c of this title, (iv) all or any portion of the\navailable monies in the transit account of the metropolitan\ntransportation authority special assistance fund established under the\nprovisions of section twelve hundred seventy-a of this title available\nfor payment of operating and capital costs of New York city transit\nauthority and its subsidiaries and Staten Island rapid transit operating\nauthority as provided in subdivision two of section twelve hundred\nseventy-a of this title, (v) all or any portion of the available monies\nin the commuter railroad account of the metropolitan transportation\nauthority special assistance fund established under the provisions of\nsection twelve hundred seventy-a of this title available for payment of\noperating and capital costs of Long Island Rail Road company and\nMetro-North commuter railroad company as provided in subdivision three\nof section twelve hundred seventy-a of this title, (vi) all or any\nportion of the available monies in the corporate transportation account\nof the metropolitan transportation authority special assistance fund\nestablished under the provisions of section twelve hundred seventy-a of\nthis title available for use by the authority for payment of operating\ncosts of, and capital costs, including debt service and reserve\nrequirements, if any, of or for the authority, the New York city transit\nauthority and their subsidiaries as provided in paragraph (a) of\nsubdivision four of section twelve hundred seventy-a of this title, and\n(vii) any other monies of the authority, its subsidiaries, the New York\ncity transit authority and its subsidiaries, and the Triborough bridge\nand tunnel authority from any source whatsoever.\n 2. Amounts so deposited in such funds or accounts may be (a) pledged\nby the authority to secure, and be applied to, the payment of its bonds,\nnotes or other obligations issued to finance transportation facilities\nundertaken for the authority and its subsidiaries, transportation\nfacilities, including transit projects, undertaken for New York city\ntransit authority and its subsidiaries, and Triborough bridge and tunnel\nauthority projects undertaken for Triborough bridge and tunnel\nauthority, and (b) used for payment of operating costs, and capital\ncosts, including debt service, reserve requirements, if any, the payment\nof amounts required under bond, note or other financing facilities or\nagreements, and the payment of all costs related to such obligations, of\nor for the authority and its subsidiaries, and the New York city transit\nauthority and its subsidiaries as the authority in its full discretion\nshall determine. To the extent moneys so deposited have been pledged by\nthe authority to secure and pay its bonds, notes or other obligations as\nherein provided, such moneys shall first be applied to satisfy the\nrequirements of any debt service or reserve requirements of the\nresolution or resolutions or other contractual arrangements authorizing\nsuch bonds, notes or other obligations. After satisfaction of such\nrequirements of any such resolution, resolutions, or other contractual\narrangements or if the authority has not so pledged such moneys, such\nmoneys so deposited, subject to the provisions of any other resolutions\nor contractual arrangements of the authority and the New York city\ntransit authority and applicable provisions of law, may be transferred\nto or for the benefit of the authority and its subsidiaries and New York\ncity transit authority and its subsidiaries. Revenues and other monies\nof the authority and its subsidiaries and New York city transit\nauthority and its subsidiaries, respectively, which are deposited in the\nfunds or accounts authorized by this section, as reduced by any\napplication of such revenues or monies to the payment of debt service,\nreserve requirements, if any, and other costs attributable to the\nfunding of the capital costs of such entity, shall be allocated,\ncredited and distributed to such source entity. Any other revenues or\nmonies which are deposited in the funds or accounts authorized by this\nsection which are required by law to be allocated or paid to the\nauthority or its subsidiaries or New York city transit authority or its\nsubsidiaries, shall be allocated or paid to the entity to which it is\nrequired to be allocated or paid by law after reduction by an amount\nequal to the portion thereof applied to the payment of debt service,\nreserve requirements, if any, and other costs attributable to the\nfunding of the capital costs of such entity. In determining the amount\nof debt service, reserve requirements, if any, and other costs\nattributable to the authority and its subsidiaries and the New York city\ntransit authority and its subsidiaries, the authority shall make such\ncalculation based upon the percentage of the proceeds of the bonds,\nnotes and other obligations expended for the capital costs attributable\nto each such entity. The authority may utilize any interim allocation of\nsuch distributions, provided that within ninety days after the end of\neach calendar year, the authority shall certify to the director of the\nbudget, the chairperson of the senate finance committee and the\nchairperson of the assembly ways and means committee, that the aggregate\namount of monies transferred to each of the authority and its\nsubsidiaries, and New York city transit authority and its subsidiaries\nin respect of such calendar year, taking into account any interagency\nrepayments or reimbursements anticipated to be made in the next\nsucceeding calendar year, is not less than the amounts required to be\npaid or transferred to such entities.\n 3. For the purpose of appropriately aligning and allocating the\nultimate responsibility for debt service among and between the authority\nand its subsidiaries, New York city transit authority and its\nsubsidiaries, or Triborough bridge and tunnel authority (each, an\n"affiliated group"), and except as otherwise authorized or required by\nlaw, in connection with the application of revenues, subsidies or other\nmonies or securities of an affiliated group to pay the debt service\nattributable to bonds, notes or other obligations which provide funding\nof the capital costs of another affiliated group or to refund or redeem\nbonds, notes or other obligations the proceeds of which were used to\nfund the capital costs of another affiliated group, the affiliated group\nfor whose benefit debt service is paid or obligations refunded or\nredeemed, shall repay, through payments, adjustments or other form of\nreconciliation, such amounts to the affiliated group that made such\npayments not later than the end of the next succeeding fiscal year,\nprovided, however, that in connection with any refunding or redemption\nof bonds, notes or other obligations, such repayment, adjustments or\nother form of reconciliation shall be completed within the period of the\napplicable capital program plan.\n