Legislation

Search OpenLegislation Statutes
This entry was published on 2020-04-17
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 553-J
Additional powers and provisions in relation to central business district tolling program
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 3, TITLE 3
§ 553-j. Additional powers and provisions in relation to central
business district tolling program. 1. The authority shall establish a
fund to be known as the central business district tolling capital
lockbox fund which shall be kept separate from and shall not be
commingled with any other monies of the authority. The fund shall
consist of all monies received by the authority pursuant to article
forty-four-C of the vehicle and traffic law, subdivision twelve-a of
section five hundred fifty-three of this title, and revenues of the real
estate transfer tax deposited pursuant to subdivision (b) of section
fourteen hundred twenty-one of the tax law, and sales tax pursuant to
subdivision (c) of section eleven hundred forty-eight of the tax law,
subparagraph (B) of paragraph five of subdivision (c) of section twelve
hundred sixty-one of the tax law, and funds appropriated from the
central business district trust fund established pursuant to section
ninty-nine-ff of the state finance law.

* 2. Monies in the fund shall be applied, subject to agreements with
bondholders and applicable federal law, to the payment of operating,
administration, and other necessary expenses of the authority, or to the
city of New York subject to the memorandum of understanding executed
pursuant to subdivision two-a of section seventeen hundred four of the
vehicle and traffic law properly allocable to such program, including
the planning, designing, constructing, installing or maintaining of the
central business district tolling program, including, without
limitation, the central business district tolling infrastructure, the
central business district tolling collection system and the central
business district tolling customer service center, and the costs of any
metropolitan transportation authority capital projects included within
the 2020 to 2024 MTA capital program or any successor programs. Monies
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 to finance the costs of the central business district tolling
program, including, without limitation, the central business district
tolling infrastructure, the central business district tolling collection
system and the central business district tolling customer service
center, and the costs of any metropolitan transportation authority
capital projects included within the 2020 to 2024 MTA capital program or
any successor programs, 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; or
(b) used by the authority for the payment of such capital costs of the
central business district tolling program and the costs of any
metropolitan transportation authority capital projects included within
the 2020 to 2024 MTA capital program or any successor programs; or (c)
transferred to the metropolitan transportation authority and (1) pledged
by the metropolitan transportation authority to secure and be applied to
the payment of the bonds, notes or other obligations of the metropolitan
transportation authority to finance the costs of any metropolitan
transportation authority capital projects included within the 2020 to
2024 MTA capital program or any successor programs, 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, or (2) used by the metropolitan
transportation authority for the payment of the costs of any
metropolitan transportation authority capital projects included within
the 2020 to 2024 MTA capital program or any successor programs, or (3)
subject to approval by the board of the metropolitan transportation
authority and the director of the budget, used by the metropolitan
transportation authority in all or any of the fiscal years of the
authority beginning in 2020 through 2021 to offset decreases in revenue,
including but not limited to, lost taxes, fees, charges, fares and
tolls, due in whole or in part, or increases in operating costs due in
whole to the state disaster emergency caused by the novel coronavirus,
COVID-19. Such revenues shall only supplement and shall not supplant any
federal, state, or local funds expended by the authority or the
metropolitan transportation authority, or such authority's or
metropolitan transportation authority's affiliates or subsidiaries for
such respective purposes. Central business district toll revenues may be
used as required to obtain, utilize, or maintain federal authorization
to collect tolls on federal aid highways. Provided further that, in the
event the authority or metropolitan transportation authority receives
funds or reimbursements, including without limitation from the federal
government or insurance maintained by the authority or metropolitan
transportation authority, due in whole or in part to the novel
coronavirus, COVID-19, any monies from the fund used to offset decreases
in revenue or increases in operating costs due in whole or in part to
the state disaster emergency caused by the novel coronavirus, COVID-19,
shall be repaid after the authority or the metropolitan transportation
authority fully repays any public or private borrowings, draws on any
lines of credit, issuances of revenue anticipation notes, any internal
loans, and use of corpus of OPEB Trust to pay current retiree healthcare
cost necessitated by COVID-19 revenue shortfall. Such obligation to
repay shall be limited to the availability of any excess monies, and any
such funds or reimbursements in excess of the amounts needed to fully
repay such amounts shall be transferred to the fund and used for the
purposes originally intended for such fund.

* NB Effective until April 3, 2022

* 2. Monies in the fund shall be applied, subject to agreements with
bondholders and applicable federal law, to the payment of operating,
administration, and other necessary expenses of the authority, or to the
city of New York subject to the memorandum of understanding executed
pursuant to subdivision two-a of section seventeen hundred four of the
vehicle and traffic law properly allocable to such program, including
the planning, designing, constructing, installing or maintaining of the
central business district tolling program, including, without
limitation, the central business district tolling infrastructure, the
central business district tolling collection system and the central
business district tolling customer service center, and the costs of any
metropolitan transportation authority capital projects included within
the 2020 to 2024 MTA capital program or any successor programs. Monies
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 to finance the costs of the central business district tolling
program, including, without limitation, the central business district
tolling infrastructure, the central business district tolling collection
system and the central business district tolling customer service
center, and the costs of any metropolitan transportation authority
capital projects included within the 2020 to 2024 MTA capital program or
any successor programs, 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; or
(b) used by the authority for the payment of such capital costs of the
central business district tolling program and the costs of any
metropolitan transportation authority capital projects included within
the 2020 to 2024 MTA capital program or any successor programs; or (c)
transferred to the metropolitan transportation authority and (1) pledged
by the metropolitan transportation authority to secure and be applied to
the payment of the bonds, notes or other obligations of the metropolitan
transportation authority to finance the costs of any metropolitan
transportation authority capital projects included within the 2020 to
2024 MTA capital program or any successor programs, 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, or (2) used by the metropolitan
transportation authority for the payment of the costs of any
metropolitan transportation authority capital projects included within
the 2020 to 2024 MTA capital program or any successor programs. Such
revenues shall only supplement and shall not supplant any federal,
state, or local funds expended by the authority or the metropolitan
transportation authority, or such authority's or metropolitan
transportation authority's affiliates or subsidiaries for such
respective purposes. Central business district toll revenues may be used
as required to obtain, utilize, or maintain federal authorization to
collect tolls on federal aid highways.

* NB Effective April 3, 2022

3. 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 forty-four-C of the vehicle and traffic law and subdivision
twelve-a of section five hundred fifty-three of this title. Without
limiting the generality of the foregoing, no person paying any amount
that is deposited into the fund shall have any right or claim against
the authority or the metropolitan transportation authority, any of their
bondholders, any of the authority's or the metropolitan transportation
authority's subsidiaries or affiliates to any monies in or distributed
from the fund or in respect of a refund, rebate, credit or reimbursement
of monies arising out of or in connection with article forty-four-C of
the vehicle and traffic law and subdivision twelve-a of section five
hundred fifty-three of this title.

3-a. Of the capital project costs paid by this fund: eighty percent
shall be capital project costs of the New York city transit authority
and its subsidiary, Staten Island Rapid Transit Operating Authority, and
MTA Bus with priority given to the subway system, new signaling, new
subway cars, track and car repair, accessibility, buses and bus system
improvements and further investments in expanding transit availability
to areas in the outer boroughs that have limited mass transit options;
ten percent shall be capital project costs of the Long Island Rail Road,
including but not limited to, parking facilities, rolling stock,
capacity enhancements, accessibility, and expanding transit availability
to areas in the Metropolitan Commuter Transportation District that have
limited mass transit options; and ten percent shall be capital project
costs of the Metro-North Commuter Railroad Company, including but not
limited to, parking facilities, rolling stock, capacity enhancements,
accessibility, and expanding transit availability to areas in the
Metropolitan Commuter Transportation District that have limited mass
transit options.

* 4. The authority shall report annually on all receipts and
expenditures of the fund. The report shall detail operating expenses of
the central business district tolling program and all fund expenditures
including capital projects. If, during the period of the report, any
monies in the fund were used by the authority or the metropolitan
transportation authority to offset decreases in revenue lost in whole or
in part due to the state disaster emergency caused by novel coronavirus,
COVID-19, or increases in operating costs in whole due to the novel
coronavirus, COVID-19, the report shall also provide: (a) details of
such decreases in revenue in whole, (b) details of such decreases in
revenue in part, (c) details of such increases in costs, (d) the
methodology used by the authority or metropolitan transportation
authority to calculate such changes, and (e) explanation for attributing
a particular increase in cost or a particular decrease in revenue, to
the state disaster emergency caused by coronavirus, COVID-19. The report
shall be readily available to the public, and shall be posted on the
authority's website and be submitted to the governor, the temporary
president of the senate, the speaker of the assembly, the comptroller,
the director of the budget, the mayor and council of the city of New
York, the metropolitan transportation authority board, and the
metropolitan transportation authority capital program review board.

* NB Effective until April 3, 2022

* 4. The authority shall report annually on all receipts and
expenditures of the fund. The report shall detail operating expenses of
the central business district tolling program and all fund expenditures
including capital projects. The report shall be readily available to the
public, and shall be posted on the authority's website and be submitted
to the governor, the temporary president of the senate, the speaker of
the assembly, the mayor and council of the city of New York, the
metropolitan transportation authority board, and the metropolitan
transportation authority capital program review board.

* NB Effective April 3, 2022

5. Any operating funding used for the purposes of a central business
district tolling program from this fund shall be approved, annually, in
a plan of expenditures, by the director of the budget.