§ 92-FF — Metropolitan transportation authority financial assistance fund

New York § 92-FF

• Jurisdiction: New York
• Law STF: State Finance
• Art. 6: Funds of the State

Text

§ 92-ff. Metropolitan transportation authority financial assistance\nfund. 1. There is hereby established in the joint custody of the\ncommissioner of taxation and finance and the state comptroller a special\nfund to be known as the "metropolitan transportation authority financial\nassistance fund".\n 2. Moneys in the metropolitan transportation authority financial\nassistance fund shall be kept separately from and shall not be\ncommingled with any other moneys in the joint or sole custody of the\nstate comptroller or the commissioner of taxation and finance.\n 3. Such fund shall consist of all moneys collected therefor or\ncredited or transferred thereto from any other fund, account or source.\nAny interest received by the comptroller on moneys on deposit in the\nmetropolitan transportation authority financial assistance fund shall be\nretained in and become a part of such fund.\n 4. The metropolitan transportation authority financial assistance fund\nshall consist of two separate and distinct accounts: (a) the "mobility\ntax trust account" and (b) the "metropolitan transportation authority\naid trust account." Moneys in each of the accounts shall be kept\nseparately from and not commingled with any other moneys in the\nmetropolitan transportation authority financial assistance fund.\n 5. (a) The "mobility tax trust account" shall consist of moneys\ncredited or transferred thereto from any fund or source pursuant to law.\n (b) Moneys in the "mobility tax trust account" shall, pursuant to\nappropriation by the legislature, be transferred on a monthly basis to\nthe metropolitan transportation authority finance fund established by\nsection twelve hundred seventy-h of the public authorities law and\nutilized in accordance with said section. It is the intent of the\nlegislature to enact two appropriations from the mobility tax trust\naccount to the metropolitan transportation authority finance fund\nestablished by section twelve hundred seventy-h of the public\nauthorities law. One such appropriation shall be equal to the amounts\nexpected to be available from any monies described in paragraph (a) of\nthis subdivision during the two thousand eighteen--two thousand nineteen\nfiscal year and shall be effective in that fiscal year. The other such\nappropriation shall be equal to the amounts expected to be available\nfrom any monies described in paragraph (a) of this subdivision during\nthe two thousand nineteen--two thousand twenty fiscal year and shall,\nnotwithstanding the provisions of section forty of this chapter, take\neffect on the first day of the two thousand nineteen--two thousand\ntwenty fiscal year and lapse on the last day of that fiscal year. It is\nthe intent of the governor to submit and the legislature to enact for\neach fiscal year after the two thousand eighteen--two thousand nineteen\nfiscal year in an annual budget bill: (i) an appropriation for the\namount expected to be available in the mobility tax trust account during\nsuch fiscal year for the metropolitan transportation authority from any\nmonies described in paragraph (a) of this subdivision; and (ii) an\nappropriation for the amount projected by the director of the budget to\nbe deposited in the mobility tax trust account from any monies described\nin paragraph (a) of this subdivision for the next succeeding fiscal\nyear. Such appropriation for payment of revenues projected to be\ndeposited in the succeeding fiscal year shall, notwithstanding the\nprovisions of section forty of this chapter, take effect on the first\nday of such succeeding fiscal year and lapse on the last day of such\nfiscal year. If for any fiscal year commencing on or after the first day\nof April, two thousand ten the governor fails to submit a budget bill\ncontaining the foregoing, or the legislature fails to enact a bill with\nsuch provisions, then the metropolitan transportation authority shall\nnotify the comptroller, the director of the budget, the chairperson of\nthe senate finance committee and the chairperson of the assembly ways\nand means committee of amounts required to be disbursed from the\nappropriation made during the preceding fiscal year for payment in such\nfiscal year. In no event shall the comptroller make any payments from\nsuch appropriation prior to May first of such fiscal year, and unless\nand until the director of the budget, the chairperson of the senate\nfinance committee and the chairperson of the assembly ways and means\ncommittee have been notified of the required payments and the timing of\nsuch payments to be made from the mobility tax trust account to the\nmetropolitan transportation authority finance fund established by\nsection twelve hundred seventy-h of the public authorities law at least\nforty-eight hours prior to any such payments. Until such time as\npayments pursuant to such appropriation are made in full, revenues in\nthe mobility tax trust account shall not be paid over to any person\nother than the metropolitan transportation authority.\n 6. (a) The "metropolitan transportation authority aid trust account"\nshall consist of moneys credited or transferred thereto from any other\nsource pursuant to law.\n (b) Moneys in the metropolitan transportation authority aid trust\naccount shall, following appropriation by the legislature, be deposited\nquarterly by the comptroller into the corporate transportation account\nof the metropolitan transportation authority special assistance fund\nestablished by section twelve hundred seventy-a of the public\nauthorities law, to be applied as provided in paragraph (e) of\nsubdivision four of such section twelve hundred seventy-a of the public\nauthorities law.\n 7. Nothing contained in this section shall be deemed to restrict the\nright of the state to amend, repeal, modify or otherwise alter statutes\nimposing or relating to the taxes and fees producing revenues for\ndeposit in the metropolitan transportation authority financial\nassistance fund or the appropriations relating thereto. The metropolitan\ntransportation authority shall not include within any resolution,\ncontract or agreement with holders of the bonds or notes issued under\nsection twelve hundred sixty-nine of the public authorities law any\nprovision which provides that a default occurs as a result of the state\nexercising its right to amend, repeal, modify or otherwise alter such\ntaxes or appropriations.\n