§ 99-W — Transit assistance for capital investments fund

* § 99-w. Transit assistance for capital investments fund. 1. There is\nhereby established in the joint custody of the state comptroller and the\ncommissioner of taxation and finance a special capital fund to be known\nas the "transit assistance for capital investments fund."\n 2. The comptroller shall establish the following separate and distinct\naccount within the transit assistance for capital investments fund:\n Metropolitan transit assistance for capital investments account\n 3. The transit assistance for capital investments fund shall consist\nof all moneys collected therefor or credited or transferred thereto from\nany other fund, account or source. Any interest received by the\ncomptroller on moneys on deposit in the transit assistance for capital\ninvestments fund shall be retained in and become a part of such fund.\n 4. Moneys in the transit assistance for capital investments fund\nshall, following appropriation by the legislature, be utilized for\ncapital purposes, including, but not limited to the planning and design,\nacquisition, construction, reconstruction, replacement, improvement,\nreconditioning, rehabilitation and preservation of mass transit\nfacilities, vehicles, related equipment and rolling stock with an\naverage service life of no less than five years.\n 5. Moneys deposited into the metropolitan transit assistance for\ncapital investments account shall be available to the metropolitan\ntransportation authority (MTA) and to all other public transportation\nsystems serving primarily within the metropolitan commuter\ntransportation district, as defined in section twelve hundred sixty-two\nof the public authorities law, eligible to receive operating assistance\nunder the provisions of section eighteen-b of the transportation law\nconsistent with the uses outlined in subdivision four of this section.\n 6. Notwithstanding any other provision of law, no capital assistance\npayment authorized under this section may be applied to operating\nexpenses.\n 7. All payments of money from the transit assistance for capital\ninvestments fund shall be made in accordance with a formula to be\nestablished by the commissioner of transportation with the approval of\nthe director of the budget.\n 8. All payments of moneys from the transit assistance for capital\ninvestments fund shall be made on the audit and warrant of the\ncomptroller.\n * NB There are 2 § 99-w's\n