§ 553-j. Metropolitan transportation authority capital lockbox fund.
1. The authority shall establish a fund to be known as the metropolitan
transportation authority 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 two separate and distinct accounts:
(i) the "2020 to 2024 capital program account" and (ii) the "2025 to
2029 capital program account".

(a) The 2020 to 2024 capital program account 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 ninety-nine-ff of the state
finance law.

(b) The 2025 to 2029 capital program account shall consist of all
monies deposited pursuant to subdivision four of section twelve hundred
seventy-h of this chapter.

2. Monies in the 2020 to 2024 capital program account 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 2020 to 2024 capital
program account 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 or to reimburse the costs,
including debt service, 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.

2-a. Monies in the 2025 to 2029 capital program account shall be
applied, subject to agreements with bondholders and applicable federal
law, to the payment of the costs of any metropolitan transportation
authority capital projects included within the 2025 to 2029 MTA capital
program or any successor programs. Monies in the 2025 to 2029 capital
program account 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 any metropolitan transportation
authority capital projects included within the 2025 to 2029 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 any metropolitan transportation authority capital
projects included within the 2025 to 2029 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 2025 to 2029 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 or to reimburse the costs, including debt
service, of any metropolitan transportation authority capital projects
included within the 2025 to 2029 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.

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, subdivision
twelve-a of section five hundred fifty-three of this title, and article
twenty-three of the tax law. 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, subdivision twelve-a of section five hundred fifty-three of
this title, and article twenty-three of the tax law.

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 and each account within 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.

5. Any operating funding used for the purposes of a central business
district tolling program shall only be from the 2020 to 2024 capital
program account and shall be approved, annually, in a plan of
expenditures, by the director of the budget.