Legislation

Search OpenLegislation Statutes
This entry was published on 2018-04-27
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-H
Metropolitan transportation authority finance fund
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 11
§ 1270-h. Metropolitan transportation authority finance fund. 1. The
authority shall establish a fund to be known as the "metropolitan
transportation authority finance fund" which shall be kept separate from
and shall not be commingled with any other moneys of the authority.

2. The comptroller shall deposit into the metropolitan transportation
authority finance fund (a) monthly, pursuant to appropriation, the
moneys deposited in the mobility tax trust account of the metropolitan
transportation authority financial assistance fund pursuant to any
provision of law directing or permitting the deposit of moneys in such
fund, and (b) without appropriation, the revenue including taxes,
interest and penalties collected in accordance with article twenty-three
of the tax law.

3. Moneys in the fund may be (a) pledged by the authority to secure
and be applied to the payment of the bonds, notes or other obligations
of the authority issued on or after the effective date of this section
to finance capital projects of the authority and its subsidiaries and
the New York city transit authority and any subsidiaries; or (b) used
for payment of capital costs, including debt service, reserve
requirements, if any, the payment of amounts required under bond and
note facilities or agreements related thereto, the payment of federal
government loans, security or credit arrangements or other agreements
related thereto, and the payment of all costs related to such
obligations, of or for the authority, the New York city transit
authority and their subsidiaries as the authority shall determine.
Subject to the provisions of any such pledge, or in the event there is
no such pledge, any excess moneys in this fund may be used 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
the authority shall determine. To the extent moneys in the fund have
been pledged by the authority to secure and pay the bonds, notes or
other obligations of the authority issued to finance capital projects of
the authority and its subsidiaries and the New York city transit
authority and any subsidiaries as herein provided, monies deposited into
the fund shall be deposited to the extent necessary to satisfy the
requirements of any debt service or reserve requirements, if any, of the
resolution authorizing such bonds, notes or other obligations.

4. Any monies deposited in the fund shall be held in the fund free and
clear of any claim by any person arising out of or in connection with
article twenty-three of the tax law. Without limiting the generality of
the foregoing and without limiting the rights and duties of the
commissioner of taxation and finance under article twenty-three of the
tax law, no entity paying a mobility tax under article twenty-three of
the tax law shall have any right or claim against the authority, any of
their bondholders, any of the authority's other subsidiaries or the New
York city transit authority or any subsidiary to any moneys in or
distributed from the fund or in respect of a refund, rebate, credit or
reimbursement of taxes paid under article twenty-three of the tax law.