S T A T E O F N E W Y O R K
________________________________________________________________________
1855
2009-2010 Regular Sessions
I N A S S E M B L Y
January 12, 2009
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Introduced by M. of A. NOLAN, MARKEY -- Multi-Sponsored by -- M. of A.
GOTTFRIED -- read once and referred to the Committee on Corporations,
Authorities and Commissions
AN ACT to amend the public authorities law, in relation to the allo-
cation of the triborough bridge and tunnel authority operating surplus
and to repeal certain provisions of such law relating thereto
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph (b) of subdivision 2 of section 1219-a of the
public authorities law, as amended by section 19 of part O of chapter 61
of the laws of 2000, is amended to read as follows:
(b) Promptly upon the making of the certification of its operating
surplus, if any, for its fiscal year ending December thirty-first, nine-
teen hundred seventy-two and for each of its subsequent fiscal years,
triborough bridge and tunnel authority[, at the direction of metropol-
itan transportation authority,] shall transfer IN ITS ENTIRETY such
operating surplus [(1)] to the metropolitan transportation authority for
deposit into one or more funds or accounts to be used as contemplated by
section twelve hundred seventy-d of this article, or [(2)] to the
authority and the metropolitan transportation authority WHICH, PURSUANT
TO RESOLUTION, SHALL (1) TRANSFER A PORTION OF SUCH AMOUNT TO THE NEW
YORK CITY TRANSIT AUTHORITY solely for application to the payment of
[the] ITS expenses of operation [. For purposes of determining the
proportional allocation of the operating surplus as between the authori-
ty and the metropolitan transportation authority, the following formula
shall apply: (i) twenty-four million dollars plus fifty percentum of the
balance of such operating surplus shall be allocable to the authority,
and (ii) the remainder shall be allocable to metropolitan transportation
authority on behalf], AND (2) RETAIN A PORTION OF SUCH AMOUNT FOR APPLI-
CATION TO THE PAYMENT of the commuter railroads operated by it, by its
subsidiary corporations or by others under joint arrangements.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02121-01-9
A. 1855 2
S 2. Subdivision 3 of section 1219-a of the public authorities law is
REPEALED.
S 3. Section 553-d of the public authorities law, as amended by
section 6 of part O of chapter 61 of the laws of 2000, is amended to
read as follows:
S 553-d. Special Triborough bridge and tunnel authority special obli-
gation bonds and notes. In addition to the powers contained elsewhere in
this title with respect to the projects authorized by paragraphs (m),
(n), (o), (p) and (r) of subdivision nine of section five hundred
fifty-three of this title, and subject to the application of the reven-
ues and other monies and assets of the authority pursuant to section
twelve hundred seventy-d of this chapter, the authority may issue its
bonds and notes to finance such projects payable from and secured by all
or any part of the moneys received by the authority from the metropol-
itan transportation authority special assistance fund established under
section twelve hundred seventy-a of this chapter, provided however that
such bonds and notes may also be payable from and secured by any other
moneys, securities and funds designated by the authority as additional
security therefor. [Debt service on bonds and notes issued by the
authority pursuant to this section which is paid or reimbursed from
moneys received by the authority from the metropolitan transportation
authority special assistance fund shall not be deemed to constitute debt
service incurred by the authority for purposes of subdivision three of
section twelve hundred nineteen-a of this chapter.] Such bonds or notes
shall be issued in the manner provided in section five hundred sixty-one
of this title.
S 4. This act shall take effect immediately.