§ 88-B — Suburban transportation fund

§ 88-b. Suburban transportation fund. 1. There is hereby established\nin the joint custody of the commissioner of taxation and finance and the\ncomptroller a fund to be known as the "suburban transportation fund".\n 2. The suburban transportation fund shall consist of moneys from the\ncommuter railroad account of the metropolitan transportation authority\nspecial assistance fund required to be paid by such authority to the\nsuburban transportation fund pursuant to subdivision three of section\ntwelve hundred seventy-a of the public authorities law and any moneys\nfrom the metropolitan transportation authority Dutchess, Orange and\nRockland fund transferred pursuant to subdivision four of section twelve\nhundred seventy-a of the public authorities law.\n 3. Moneys in the suburban transportation fund shall be kept separate\nfrom and shall not be commingled with any other moneys in the custody of\nthe commissioner of taxation and finance and the comptroller. All\ndeposits of such money shall, if required by the comptroller, be secured\nby obligations of the United States or of the state of market value\nequal at all times to the amount of the deposit and all banks and trust\ncompanies are authorized to give such securities for such deposits.\n 4. Moneys of the fund shall be made available for financing any of the\nfollowing types of capital projects within the counties comprising the\nmetropolitan commuter transportation district, except those counties\ncomprising the city of New York, but only to the extent that such\nprojects are on an adopted transportation plan and approved by a\ndesignated transportation coordinating committee, if one exists, or by\nthe metropolitan planning organization as created pursuant to section\nfifteen-a of the transportation law if no designated transportation\ncoordinating committee exists: capacity and infrastructure improvements\nto state, county, town, city, village roads, highways, parkways and\nbridges; or state, county, town, city or village mass transportation\nprojects; provided, however, that in Nassau and Suffolk counties such\nmoneys shall be available only for capacity improvements to state roads,\nhighways, parkways and bridges. The amount of state funds historically\nappropriated statewide, other than bond funds, for transportation\ncapital purposes from other sources shall not be reduced because of the\navailability of such moneys made available pursuant to this chapter, nor\nshall such moneys be used to match federal aid. Prior to the allocation\nof state advance funds appropriated pursuant to this section, the\nmunicipality responsible for the project shall certify to the\ncommissioner of transportation that the amount of funds appropriated for\ntransportation capital purposes by that municipality shall not be\nreduced because of the availability of such state advance funds, and\nthat such moneys shall not be used to match federal aid.\n The designated transportation coordinating committee, if one exists,\nor the metropolitan planning organization if no designated\ntransportation coordinating committee exists, shall notify the\nmunicipalities within its jurisdiction of which projects it has\napproved.\n 5. In the event that any county withdraws from the metropolitan\ncommuter transportation district, the withdrawing county shall pay to\nthe state comptroller any amount that is required so that the state is\nfully reimbursed for funds advanced in anticipation of reimbursement\nfrom the suburban transportation fund. In the event that any withdrawing\ncounty shall fail to make a payment pursuant to this subdivision, the\nstate comptroller shall withhold and pay to the capital projects fund an\namount equal to the amount owed from the next general or specific state\naid payment and scheduled to be paid to that county.\n 6. Moneys in the suburban transportation fund transferred pursuant to\nsection twelve hundred seventy-a of the public authorities law shall be\nmade available to the state department of transportation for capital\nprojects in the counties of Nassau, Suffolk, Westchester, Putnam,\nDutchess, Orange and Rockland on the basis of each county's average pro\nrata share of the mortgage recording tax receipts raised in such\ncounties pursuant to subdivision one of section two hundred sixty-one of\nthe tax law during the period January first, nineteen hundred\neighty-four through December thirty-first, nineteen hundred eighty-six\nas certified by the metropolitan transportation authority. Moneys\ntransferred to the suburban transportation fund at the request of\nDutchess, Orange or Rockland county pursuant to subdivision three of\nsection twelve hundred seventy-b of the public authorities law shall be\nused by the state department of transportation to increase the\nproportionate share of such capital projects in such county. Such\nprojects shall be financed by means of a state advance to be reimbursed\nby the New York state thruway authority, or its successor agency,\nthrough the issuance of its bonds or notes in the manner set forth in\nsubdivision seven of this section, or by means of a state advance to be\nreimbursed directly from the suburban transportation fund.\n 7. (a) For projects funded by the suburban transportation fund, the\nstate department of transportation may enter into an agreement with the\nNew York state thruway authority, or its successor agency, for the\npurpose of having the thruway authority, or its successor agency, issue\nbonds or notes to pay the capital costs of such project. Such agreement\nshall be subject to approval by the director of the division of the\nbudget.\n (b) For projects funded pursuant to this subdivision, the affected\nmunicipality shall enter into an agreement with the department of\ntransportation for the conveyance of all affected real property\nincluding highways, roads and bridges to the thruway authority, or its\nsuccessor agency, for the term of the bonds or notes issued by the\nthruway authority, or its successor agency, for such project or for such\nlesser period that such bonds or notes are outstanding. During the\nperiod of such conveyance to the thruway authority, or its successor\nagency, the department of transportation or the municipality shall agree\nto maintain the facility in a state of good repair, the responsibility\nfor which shall be with the state, or municipality, which had\njurisdiction over said facility prior to such agreement.\n (c) Upon the final retirement of all bonds and notes issued by the\nthruway authority, or its successor agency, for such purpose, such\nproperty shall automatically revert to the conveying entity.\n 8. Payments to the thruway authority, or its successor agency,\npursuant to this section shall be subject to appropriation from the\nsuburban transportation fund. The thruway authority, or its successor\nagency, shall utilize such moneys to pay the debt service on such bonds\nor notes and to meet administrative costs in connection therewith.\n