§ 1270-H — Metropolitan transportation authority finance fund

New York § 1270-H

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

Text

§ 1270-h. Metropolitan transportation authority finance fund. 1. The\nauthority shall establish a fund to be known as the "metropolitan\ntransportation authority finance fund" which shall be kept separate from\nand shall not be commingled with any other moneys of the authority.\n 2. The comptroller shall deposit into the metropolitan transportation\nauthority finance fund (a) monthly, pursuant to appropriation, the\nmoneys deposited in the mobility tax trust account of the metropolitan\ntransportation authority financial assistance fund pursuant to any\nprovision of law directing or permitting the deposit of moneys in such\nfund, and (b) without appropriation, the revenue including taxes,\ninterest and penalties collected in accordance with article twenty-three\nof the tax law.\n 3. Moneys in the fund may be (a) pledged by the authority to secure\nand be applied to the payment of the bonds, notes or other obligations\nof the authority issued on or after the effective date of this section\nto finance capital projects of the authority and its subsidiaries and\nthe New York city transit authority and any subsidiaries; or (b) used\nfor payment of capital costs, including debt service, reserve\nrequirements, if any, the payment of amounts required under bond and\nnote facilities or agreements related thereto, the payment of federal\ngovernment loans, security or credit arrangements or other agreements\nrelated thereto, and the payment of all costs related to such\nobligations, of or for the authority, the New York city transit\nauthority and their subsidiaries as the authority shall determine.\nSubject to the provisions of any such pledge, or in the event there is\nno such pledge, any excess moneys in this fund 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. To the extent moneys in the fund have\nbeen pledged by the authority to secure and pay the bonds, notes or\nother obligations of the authority issued to finance capital projects of\nthe authority and its subsidiaries and the New York city transit\nauthority and any subsidiaries as herein provided, monies deposited into\nthe fund shall be deposited to the extent necessary to satisfy the\nrequirements of any debt service or reserve requirements, if any, of the\nresolution authorizing such bonds, notes or other obligations.\n 4. Commencing September first, two thousand twenty-five, no later than\nthe last business day of each month, after satisfying the requirements\nof any debt service or reserve requirements, if any, of any resolution\nauthorizing bonds, notes or other obligations, the authority shall\ntransfer twenty-eight and five-tenths percent of the revenue, including\ntaxes, interest and penalties collected in accordance with article\ntwenty-three of the tax law to the 2025 to 2029 capital program account\nin the metropolitan transportation authority capital lockbox fund\nestablished pursuant to section five hundred fifty-three-j of this\nchapter.\n 5. Any monies deposited in the fund shall be held in the fund free and\nclear of any claim by any person arising out of or in connection with\narticle twenty-three of the tax law. Without limiting the generality of\nthe foregoing and without limiting the rights and duties of the\ncommissioner of taxation and finance under article twenty-three of the\ntax law, no entity paying a mobility tax under article twenty-three of\nthe tax law shall have any right or claim against the authority, any of\ntheir bondholders, any of the authority's other subsidiaries or the New\nYork city transit authority or any subsidiary to any moneys in or\ndistributed from the fund or in respect of a refund, rebate, credit or\nreimbursement of taxes paid under article twenty-three of the tax law.\n