§ 553-J — Metropolitan transportation authority capital lockbox fund

New York § 553-J

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 3: Triborough Bridge Authority
• Art. 3: Bridge and Tunnel Authorities

Text

§ 553-j. Metropolitan transportation authority capital lockbox fund.\n1. The authority shall establish a fund to be known as the metropolitan\ntransportation authority capital lockbox fund which shall be kept\nseparate from and shall not be commingled with any other monies of the\nauthority. The fund shall consist of two separate and distinct accounts:\n(i) the "2020 to 2024 capital program account" and (ii) the "2025 to\n2029 capital program account".\n (a) The 2020 to 2024 capital program account shall consist of all\nmonies received by the authority pursuant to article forty-four-C of the\nvehicle and traffic law, subdivision twelve-a of section five hundred\nfifty-three of this title, and revenues of the real estate transfer tax\ndeposited pursuant to subdivision (b) of section fourteen hundred\ntwenty-one of the tax law, and sales tax pursuant to subdivision (c) of\nsection eleven hundred forty-eight of the tax law, subparagraph (B) of\nparagraph five of subdivision (c) of section twelve hundred sixty-one of\nthe tax law, and funds appropriated from the central business district\ntrust fund established pursuant to section ninety-nine-ff of the state\nfinance law.\n (b) The 2025 to 2029 capital program account shall consist of all\nmonies deposited pursuant to subdivision four of section twelve hundred\nseventy-h of this chapter.\n 2. Monies in the 2020 to 2024 capital program account shall be\napplied, subject to agreements with bondholders and applicable federal\nlaw, to the payment of operating, administration, and other necessary\nexpenses of the authority, or to the city of New York subject to the\nmemorandum of understanding executed pursuant to subdivision two-a of\nsection seventeen hundred four of the vehicle and traffic law properly\nallocable to such program, including the planning, designing,\nconstructing, installing or maintaining of the central business district\ntolling program, including, without limitation, the central business\ndistrict tolling infrastructure, the central business district tolling\ncollection system and the central business district tolling customer\nservice center, and the costs of any metropolitan transportation\nauthority capital projects included within the 2020 to 2024 MTA capital\nprogram or any successor programs. Monies in the 2020 to 2024 capital\nprogram account may be: (a) pledged by the authority to secure and be\napplied to the payment of the bonds, notes or other obligations of the\nauthority to finance the costs of the central business district tolling\nprogram, including, without limitation, the central business district\ntolling infrastructure, the central business district tolling collection\nsystem and the central business district tolling customer service\ncenter, and the costs of any metropolitan transportation authority\ncapital projects included within the 2020 to 2024 MTA capital program or\nany successor programs, including debt service, reserve requirements, if\nany, the payment of amounts required under bond and note facilities or\nagreements related thereto, the payment of federal government loans,\nsecurity or credit arrangements or other agreements related thereto; or\n(b) used by the authority for the payment of such capital costs of the\ncentral business district tolling program and the costs of any\nmetropolitan transportation authority capital projects included within\nthe 2020 to 2024 MTA capital program or any successor programs; or (c)\ntransferred to the metropolitan transportation authority and (1) pledged\nby the metropolitan transportation authority to secure and be applied to\nthe payment of the bonds, notes or other obligations of the metropolitan\ntransportation authority to finance the costs of any metropolitan\ntransportation authority capital projects included within the 2020 to\n2024 MTA capital program or any successor programs, including debt\nservice, reserve requirements, if any, the payment of amounts required\nunder bond and note facilities or agreements related thereto, the\npayment of federal government loans, security or credit arrangements or\nother agreements related thereto, or (2) used by the metropolitan\ntransportation authority for the payment of or to reimburse the costs,\nincluding debt service, of any metropolitan transportation authority\ncapital projects included within the 2020 to 2024 MTA capital program or\nany successor programs. Such revenues shall only supplement and shall\nnot supplant any federal, state, or local funds expended by the\nauthority or the metropolitan transportation authority, or such\nauthority's or metropolitan transportation authority's affiliates or\nsubsidiaries for such respective purposes. Central business district\ntoll revenues may be used as required to obtain, utilize, or maintain\nfederal authorization to collect tolls on federal aid highways.\n 2-a. Monies in the 2025 to 2029 capital program account shall be\napplied, subject to agreements with bondholders and applicable federal\nlaw, to the payment of the costs of any metropolitan transportation\nauthority capital projects included within the 2025 to 2029 MTA capital\nprogram or any successor programs. Monies in the 2025 to 2029 capital\nprogram account may be: (a) pledged by the authority to secure and be\napplied to the payment of the bonds, notes or other obligations of the\nauthority to finance the costs of any metropolitan transportation\nauthority capital projects included within the 2025 to 2029 MTA capital\nprogram or any successor programs, 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; or (b) used by the authority for the payment of such\ncapital costs of any metropolitan transportation authority capital\nprojects included within the 2025 to 2029 MTA capital program or any\nsuccessor programs; or (c) transferred to the metropolitan\ntransportation authority and (1) pledged by the metropolitan\ntransportation authority to secure and be applied to the payment of the\nbonds, notes or other obligations of the metropolitan transportation\nauthority to finance the costs of any metropolitan transportation\nauthority capital projects included within the 2025 to 2029 MTA capital\nprogram or any successor programs, 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, or (2) used by the metropolitan transportation\nauthority for the payment of or to reimburse the costs, including debt\nservice, of any metropolitan transportation authority capital projects\nincluded within the 2025 to 2029 MTA capital program or any successor\nprograms. Such revenues shall only supplement and shall not supplant any\nfederal, state, or local funds expended by the authority or the\nmetropolitan transportation authority, or such authority's or\nmetropolitan transportation authority's affiliates or subsidiaries for\nsuch respective purposes.\n 3. 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 forty-four-C of the vehicle and traffic law, subdivision\ntwelve-a of section five hundred fifty-three of this title, and article\ntwenty-three of the tax law. Without limiting the generality of the\nforegoing, no person paying any amount that is deposited into the fund\nshall have any right or claim against the authority or the metropolitan\ntransportation authority, any of their bondholders, any of the\nauthority's or the metropolitan transportation authority's subsidiaries\nor affiliates to any monies in or distributed from the fund or in\nrespect of a refund, rebate, credit or reimbursement of monies arising\nout of or in connection with article forty-four-C of the vehicle and\ntraffic law, subdivision twelve-a of section five hundred fifty-three of\nthis title, and article twenty-three of the tax law.\n 3-a. Of the capital project costs paid by this fund: eighty percent\nshall be capital project costs of the New York city transit authority\nand its subsidiary, Staten Island Rapid Transit Operating Authority, and\nMTA Bus with priority given to the subway system, new signaling, new\nsubway cars, track and car repair, accessibility, buses and bus system\nimprovements and further investments in expanding transit availability\nto areas in the outer boroughs that have limited mass transit options;\nten percent shall be capital project costs of the Long Island Rail Road,\nincluding but not limited to, parking facilities, rolling stock,\ncapacity enhancements, accessibility, and expanding transit availability\nto areas in the Metropolitan Commuter Transportation District that have\nlimited mass transit options; and ten percent shall be capital project\ncosts of the Metro-North Commuter Railroad Company, including but not\nlimited to, parking facilities, rolling stock, capacity enhancements,\naccessibility, and expanding transit availability to areas in the\nMetropolitan Commuter Transportation District that have limited mass\ntransit options.\n 4. The authority shall report annually on all receipts and\nexpenditures of the fund and each account within the fund. The report\nshall detail operating expenses of the central business district tolling\nprogram and all fund expenditures including capital projects. The report\nshall be readily available to the public, and shall be posted on the\nauthority's website and be submitted to the governor, the temporary\npresident of the senate, the speaker of the assembly, the mayor and\ncouncil of the city of New York, the metropolitan transportation\nauthority board, and the metropolitan transportation authority capital\nprogram review board.\n 5. Any operating funding used for the purposes of a central business\ndistrict tolling program shall only be from the 2020 to 2024 capital\nprogram account and shall be approved, annually, in a plan of\nexpenditures, by the director of the budget.\n