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§ 2. Subdivision (a) of section 1225-g of the public authorities law,
as added by chapter 576 of the laws of 1972, is amended to read as
follows:
(a) To enable the fund to realize its public and governmental purpose,
the fund may enter into agreements with the transportation authority, to
which the transit authority may be a party, pursuant to which the trans-
portation authority may plan, design, construct, acquire, extend, recon-
struct, rehabilitate, modernize, or otherwise improve any transit facil-
ity, and the fund may lease any such transit facility from the
transportation authority. The fund may apply the resources of the fund
to the payment of rentals and other payments required from the fund by
any such lease or other agreement and may pledge such resources as secu-
rity for such payments to the transportation authority with respect to
such leases or other agreements. THE FUND SHALL ENTER INTO SUCH LEASES
OR OTHER AGREEMENTS WITH THE TRANSPORTATION AUTHORITY PROVIDING FOR THE
PAYMENT OF RENTALS AND OTHER PAYMENTS SUFFICIENT TO ALLOW THE TRANSPOR-
TATION AUTHORITY TO FINANCE THE COSTS OF PLANNING AND DESIGN, ACQUISI-
TION, CONSTRUCTION, RECONSTRUCTION, REPLACEMENT, IMPROVEMENT, RECONDI-
TIONING, REHABILITATION AND PRESERVATION, INCLUDING THE ACQUISITION OF
REAL PROPERTY AND INTERESTS THEREIN REQUIRED OR EXPECTED TO BE REQUIRED
IN CONNECTION THEREWITH, OF TRANSIT FACILITIES, NOT TO EXCEED FOUR
BILLION FIVE HUNDRED MILLION DOLLARS, WHICH ARE CAPITAL ELEMENTS SET
FORTH IN THE TWO THOUSAND FIFTEEN--TWO THOUSAND NINETEEN CAPITAL PROGRAM
PLANS APPROVED BY THE METROPOLITAN TRANSPORTATION AUTHORITY CAPITAL
PROGRAM REVIEW BOARD.
§ 3. Subdivision 1 of section 2799-gg of the public authorities law,
as amended by chapter 182 of the laws of 2009, is amended to read as
follows:
1. The authority shall have the power and is hereby authorized from
time to time to issue bonds, in conformity with applicable provisions of
the uniform commercial code, in such principal amounts as it may deter-
mine to be necessary pursuant to section twenty-seven hundred ninety-
nine-ff of this title to pay the cost of any project and to fund
reserves to secure such bonds, including incidental expenses in
connection therewith, AND TO PAY THE COST OF ANY PROJECT OR ELEMENT
CONTAINED IN A BUDGETED AND APPROVED CAPITAL PLAN OF THE METROPOLITAN
TRANSPORTATION AUTHORITY.
The aggregate principal amount of such bonds, notes or other obli-
gations outstanding shall not exceed [thirteen billion, five hundred
million dollars ($13,500,000,000)] EIGHTEEN BILLION DOLLARS
($18,000,000,000), excluding bonds, notes or other obligations issued
pursuant to sections twenty-seven hundred ninety-nine-ss and twenty-sev-
en hundred ninety-nine-tt of this title; provided, however, that upon
any refunding or repayment of bonds (which term shall not, for this
purpose, include bond anticipation notes), the total aggregate principal
amount of outstanding bonds, notes or other obligations may be greater
than [thirteen billion, five hundred million dollars ($13,500,000,000)]
EIGHTEEN BILLION DOLLARS ($18,000,000,000) only if the refunding or
repayment bonds, notes or other obligations were issued in accordance
with the provisions of subparagraph (a) of subdivision two of paragraph
b of section 90.10 of the local finance law, as amended from time to
time. Notwithstanding the foregoing, bonds, notes or other obligations
issued by the authority may be outstanding in an amount greater than the
amount permitted by the preceding sentence, provided that such addi-
tional amount at issuance, together with the amount of indebtedness
contracted by the city of New York, shall not exceed the limit
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prescribed by section 104.00 of the local finance law. The authority
shall have the power from time to time to refund any bonds of the
authority by the issuance of new bonds whether the bonds to be refunded
have or have not matured, and may issue bonds partly to refund bonds of
the authority then outstanding and partly to pay the cost of any project
pursuant to section twenty-seven hundred ninety-nine-ff of this title.
Bonds issued by the authority shall be payable solely out of particular
revenues or other moneys of the authority as may be designated in the
proceedings of the authority under which the bonds shall be authorized
to be issued, subject to any agreements entered into between the author-
ity and the city, and subject to any agreements with the holders of
outstanding bonds pledging any particular revenues or moneys.
§ 4. Subdivision 3 of section 92-ff of the state finance law, as added
by section 1 of part G of chapter 25 of the laws of 2009, is amended to
read as follows:
3. Such fund shall consist of all moneys collected [therefore] THERE-
FOR or credited or transferred thereto from any other fund, account or
source, including, without limitation, the revenues derived from the
metropolitan commuter transportation mobility tax imposed by article
twenty-three of the tax law; REVENUES DERIVED FROM SECTION SIX HUNDRED
NINETY-EIGHT-A OF THE TAX LAW; revenues derived from the special supple-
mental tax on passenger car rentals imposed by section eleven hundred
sixty-six-a of the tax law; revenues derived from the transportation
surcharge imposed by article twenty-nine-A of the tax law; the supple-
mental registration fees imposed by article seventeen-C of the vehicle
and traffic law; and the supplemental metropolitan commuter transporta-
tion district license fees imposed by section five hundred three of the
vehicle and traffic law. Any interest received by the comptroller on
moneys on deposit in the metropolitan transportation authority financial
assistance fund shall be retained in and become a part of such fund.
§ 5. Section 698 of the tax law, as amended by chapter 477 of the laws
of 1998, is amended to read as follows:
§ 698. Deposit and disposition of revenue. [All] EXCEPT AS PROVIDED
IN SECTION SIX HUNDRED NINETY-EIGHT-A OF THIS PART, ALL taxes, interest
and penalties collected or received by the commissioner under this arti-
cle shall be deposited and disposed of pursuant to the provisions of
section one hundred seventy-one-a of this chapter. Notwithstanding the
foregoing, unemployment insurance contributions and payments and aggre-
gate withholding taxes collected or received by the commissioner from
employers in a single remittance accompanying the quarterly combined
withholding, wage reporting and unemployment insurance returns required
by paragraph four of subsection (a) of section six hundred seventy-four
of this article shall, if necessary, be deposited into an account to be
maintained jointly by the department and the department of labor at such
responsible bank, banking house or trust company as may be designated by
the comptroller. The comptroller shall require adequate security from
such depository. Such departments shall determine the proper allocation
of the monies in such account as between unemployment insurance contrib-
utions and payments and aggregate withholding taxes. Unemployment insur-
ance contributions and payments shall then be deposited and disposed of
pursuant to the provisions of title four of article eighteen of the
labor law, and aggregate withholding taxes shall be deposited and
disposed of pursuant to the provisions of sections one hundred seventy-
one-a, thirteen hundred thirteen and thirteen hundred thirty-three of
this chapter, as applicable.
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§ 6. The tax law is amended by adding a new section 698-a to read as
follows:
§ 698-A. DEPOSIT AND DISPOSITION OF CERTAIN REVENUE. NOTWITHSTANDING
THE PROVISIONS OF SECTION SIX HUNDRED NINETY-EIGHT OF THIS PART TO THE
CONTRARY, FOR TAXABLE YEAR TWO THOUSAND EIGHTEEN, ONE-HALF (.5) PERCENT;
FOR TAXABLE YEAR TWO THOUSAND NINETEEN, ONE (1.0) PERCENT; FOR TAXABLE
YEAR TWO THOUSAND TWENTY, ONE AND ONE-HALF (1.5) PERCENT; AND FOR TAXA-
BLE YEARS BEGINNING IN TWO THOUSAND TWENTY-ONE AND EVERY YEAR THEREAFT-
ER, TWO (2.0) PERCENT OF THE TAXES, INTEREST AND PENALTIES COLLECTED OR
RECEIVED BY THE COMMISSIONER UNDER THIS ARTICLE SHALL BE DISTRIBUTED AS
FOLLOWS:
(A) EIGHTY-FIVE PERCENT OF THE FUNDS GENERATED FROM TAXPAYERS RESIDING
IN THE METROPOLITAN COMMUTER TRANSPORTATION DISTRICT ESTABLISHED PURSU-
ANT TO SECTION TWELVE HUNDRED SIXTY-TWO OF THE PUBLIC AUTHORITIES LAW
SHALL BE DEPOSITED AND DISPOSED OF PURSUANT TO SECTION EIGHT HUNDRED
FIVE OF THIS CHAPTER; TEN PERCENT OF THE FUNDS GENERATED FROM TAXPAYERS
RESIDING IN THE METROPOLITAN COMMUTER TRANSPORTATION DISTRICT ESTAB-
LISHED PURSUANT TO SECTION TWELVE HUNDRED SIXTY-TWO OF THE PUBLIC
AUTHORITIES LAW SHALL BE DEPOSITED INTO THE DEDICATED HIGHWAY AND BRIDGE
TRUST FUND; AND FIVE PERCENT OF THE FUNDS GENERATED FROM TAXPAYERS
RESIDING IN THE METROPOLITAN COMMUTER TRANSPORTATION DISTRICT ESTAB-
LISHED PURSUANT TO SECTION TWELVE HUNDRED SIXTY-TWO OF THE PUBLIC
AUTHORITIES LAW SHALL BE DEPOSITED INTO THE DEDICATED MASS TRANSPORTA-
TION TRUST FUND TO THE CREDIT OF THE NON-MTA ACCOUNT FOR PAYMENT TO
DOWNSTATE TRANSIT SYSTEMS OTHER THAN THOSE TRANSIT SYSTEMS OPERATED BY
THE METROPOLITAN TRANSPORTATION AUTHORITY.
(B) THE FUNDS GENERATED FROM THE TAXPAYERS RESIDING OUTSIDE OF THE
METROPOLITAN COMMUTER TRANSPORTATION DISTRICT ESTABLISHED PURSUANT TO
SECTION TWELVE HUNDRED SIXTY-TWO OF THE PUBLIC AUTHORITIES LAW SHALL BE
DEPOSITED AS FOLLOWS: THIRTY PERCENT OF THE REVENUES SHALL BE DEPOSITED
INTO THE DEDICATED MASS TRANSPORTATION TRUST FUND TO THE CREDIT OF THE
NON-MTA ACCOUNT FOR PAYMENT TO UPSTATE TRANSIT SYSTEMS AND SEVENTY
PERCENT OF THE REVENUES SHALL BE DEPOSITED INTO THE DEDICATED HIGHWAY
AND BRIDGE TRUST FUND.
§ 7. Subsection (a) of section 805 of the tax law, as added by section
1 of part C of chapter 25 of the laws of 2009, is amended to read as
follows:
(a) The taxes, interest, and penalties imposed by this article AND BY
SECTION SIX HUNDRED NINETY-EIGHT-A OF THIS CHAPTER and collected or
received by the commissioner shall be deposited daily with such respon-
sible banks, banking houses or trust companies, as may be designated by
the comptroller, to the credit of the comptroller in trust for the
metropolitan transportation authority. An account may be established in
one or more of such depositories. Such deposits will be kept separate
and apart from all other money in the possession of the comptroller. The
comptroller shall require adequate security from all such depositories.
Of the total revenue collected or received under this article, the comp-
troller shall retain such amount as the commissioner may determine to be
necessary for refunds under this article. The commissioner is authorized
and directed to deduct from the amounts it receives under this article,
before deposit into the trust accounts designated by the comptroller, a
reasonable amount necessary to effectuate refunds of appropriations of
the department to reimburse the department for the costs incurred to
administer, collect and distribute the taxes imposed by this article.
§ 8. This act shall take effect April 1, 2018.