Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 1270-D
Consolidated financings
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 11
§ 1270-d. Consolidated financings. 1. Notwithstanding any inconsistent
provisions of this or any other law, general, special or local, the
authority may issue its notes, bonds and other obligations to finance
transportation facilities, including transit projects and Triborough
bridge and tunnel authority projects, utilizing a consolidated pledge of
all or any portion of the revenues and other monies and assets of the
authority and its subsidiaries, New York city transit authority and its
subsidiaries, and Triborough bridge and tunnel authority, together with
those other sources of payment described in this section. In connection
therewith, at its discretion, the authority, subject to the rights of
the holders of notes, bonds or other obligations of the authority, New
York city transit authority or Triborough bridge and tunnel authority,
may (a) agree with the New York city transit authority or Triborough
bridge and tunnel authority that any such entity will deposit all or any
portion of the revenues, other monies and assets received by it or its
subsidiaries into one or more funds or accounts, and (b) deposit or
cause to be deposited into one or more funds and accounts (i) all or any
portion of the revenues, other monies and assets received by the
authority and its subsidiaries, (ii) all or any portion of the annual
operating surplus of Triborough bridge and tunnel authority as certified
pursuant to paragraph (b) of subdivision two of section twelve hundred
nineteen-a of this article, (iii) all or any portion of the amounts from
the operating and capital costs account of the metropolitan
transportation authority dedicated tax fund required to be distributed
to New York city transit authority and the commuter railroad
subsidiaries of the authority under the provisions of section twelve
hundred seventy-c of this title, (iv) all or any portion of the
available monies in the transit account of the metropolitan
transportation authority special assistance fund established under the
provisions of section twelve hundred seventy-a of this title available
for payment of operating and capital costs of New York city transit
authority and its subsidiaries and Staten Island rapid transit operating
authority as provided in subdivision two of section twelve hundred
seventy-a of this title, (v) all or any portion of the available monies
in the commuter railroad account of the metropolitan transportation
authority special assistance fund established under the provisions of
section twelve hundred seventy-a of this title available for payment of
operating and capital costs of Long Island Rail Road company and
Metro-North commuter railroad company as provided in subdivision three
of section twelve hundred seventy-a of this title, (vi) all or any
portion of the available monies in the corporate transportation account
of the metropolitan transportation authority special assistance fund
established under the provisions of section twelve hundred seventy-a of
this title available for use by the authority for payment of operating
costs of, and capital costs, including debt service and reserve
requirements, if any, of or for the authority, the New York city transit
authority and their subsidiaries as provided in paragraph (a) of
subdivision four of section twelve hundred seventy-a of this title, and
(vii) any other monies of the authority, its subsidiaries, the New York
city transit authority and its subsidiaries, and the Triborough bridge
and tunnel authority from any source whatsoever.

2. Amounts so deposited in such funds or accounts may be (a) pledged
by the authority to secure, and be applied to, the payment of its bonds,
notes or other obligations issued to finance transportation facilities
undertaken for the authority and its subsidiaries, transportation
facilities, including transit projects, undertaken for New York city
transit authority and its subsidiaries, and Triborough bridge and tunnel
authority projects undertaken for Triborough bridge and tunnel
authority, and (b) used for payment of operating costs, and capital
costs, including debt service, reserve requirements, if any, the payment
of amounts required under bond, note or other financing facilities or
agreements, and the payment of all costs related to such obligations, of
or for the authority and its subsidiaries, and the New York city transit
authority and its subsidiaries as the authority in its full discretion
shall determine. To the extent moneys so deposited have been pledged by
the authority to secure and pay its bonds, notes or other obligations as
herein provided, such moneys shall first be applied to satisfy the
requirements of any debt service or reserve requirements of the
resolution or resolutions or other contractual arrangements authorizing
such bonds, notes or other obligations. After satisfaction of such
requirements of any such resolution, resolutions, or other contractual
arrangements or if the authority has not so pledged such moneys, such
moneys so deposited, subject to the provisions of any other resolutions
or contractual arrangements of the authority and the New York city
transit authority and applicable provisions of law, may be transferred
to or for the benefit of the authority and its subsidiaries and New York
city transit authority and its subsidiaries. Revenues and other monies
of the authority and its subsidiaries and New York city transit
authority and its subsidiaries, respectively, which are deposited in the
funds or accounts authorized by this section, as reduced by any
application of such revenues or monies to the payment of debt service,
reserve requirements, if any, and other costs attributable to the
funding of the capital costs of such entity, shall be allocated,
credited and distributed to such source entity. Any other revenues or
monies which are deposited in the funds or accounts authorized by this
section which are required by law to be allocated or paid to the
authority or its subsidiaries or New York city transit authority or its
subsidiaries, shall be allocated or paid to the entity to which it is
required to be allocated or paid by law after reduction by an amount
equal to the portion thereof applied to the payment of debt service,
reserve requirements, if any, and other costs attributable to the
funding of the capital costs of such entity. In determining the amount
of debt service, reserve requirements, if any, and other costs
attributable to the authority and its subsidiaries and the New York city
transit authority and its subsidiaries, the authority shall make such
calculation based upon the percentage of the proceeds of the bonds,
notes and other obligations expended for the capital costs attributable
to each such entity. The authority may utilize any interim allocation of
such distributions, provided that within ninety days after the end of
each calendar year, the authority shall certify to the director of the
budget, the chairperson of the senate finance committee and the
chairperson of the assembly ways and means committee, that the aggregate
amount of monies transferred to each of the authority and its
subsidiaries, and New York city transit authority and its subsidiaries
in respect of such calendar year, taking into account any interagency
repayments or reimbursements anticipated to be made in the next
succeeding calendar year, is not less than the amounts required to be
paid or transferred to such entities.

3. For the purpose of appropriately aligning and allocating the
ultimate responsibility for debt service among and between the authority
and its subsidiaries, New York city transit authority and its
subsidiaries, or Triborough bridge and tunnel authority (each, an
"affiliated group"), and except as otherwise authorized or required by
law, in connection with the application of revenues, subsidies or other
monies or securities of an affiliated group to pay the debt service
attributable to bonds, notes or other obligations which provide funding
of the capital costs of another affiliated group or to refund or redeem
bonds, notes or other obligations the proceeds of which were used to
fund the capital costs of another affiliated group, the affiliated group
for whose benefit debt service is paid or obligations refunded or
redeemed, shall repay, through payments, adjustments or other form of
reconciliation, such amounts to the affiliated group that made such
payments not later than the end of the next succeeding fiscal year,
provided, however, that in connection with any refunding or redemption
of bonds, notes or other obligations, such repayment, adjustments or
other form of reconciliation shall be completed within the period of the
applicable capital program plan.