N.Y. Public Authorities Law Section 1203-B
Transfer of funds

The authority and its subsidiary corporation, the Manhattan and Bronx surface transit operating authority, may each transfer to the other from time to time such available funds as they may jointly determine to be necessary or desirable, including funds accepted by the authority pursuant to the provisions of § 1219-A (Transfer and receipt of surplus funds)section twelve hundred nineteen-a of this title. Subject to the rights of the holders of any outstanding bonds, notes or other obligations of the authority, metropolitan transportation authority and Triborough bridge and tunnel authority, and to facilitate the efficient financial management of the authority, its subsidiary corporations, metropolitan transportation authority and its subsidiary corporations, and Triborough bridge and tunnel authority (the “affiliated entities”), the authority may, and shall at the direction of metropolitan transportation authority, transfer revenues, subsidies and other monies or securities to one or more funds or accounts of another affiliated entity for use by such other affiliated entity, provided at the time of such transfer it is reasonably anticipated that the monies and securities so transferred will be reimbursed, repaid or otherwise provided for by the end of the next succeeding calendar year if reimbursement or repayment is required by law or by any agreement to which any of the affected affiliated entities is subject. Any revenues of an affiliated entity that are transferred to another affiliated entity, which transfer was not authorized by a provision of law other than this section, shall be considered to be required to be repaid to the affiliated entity which was the source of such revenues by the end of the next succeeding calendar year following such transfer.

Source: Section 1203-B — Transfer of funds, https://www.­nysenate.­gov/legislation/laws/PBA/1203-B (updated Sep. 22, 2014; accessed Jan. 18, 2025).

1200
Definitions 1201
New York city transit authority 1202
Purposes of the authority 1203
Transfer of transit facilities by the city to the authority 1203‑A
Subsidiary corporation 1203‑B
Transfer of funds 1204
General powers of the authority 1204‑A
Rapid transit noise code 1204‑C
Receipt of line of duty pay 1204‑D
Special powers of the authority 1204‑E
New York city transit authority advisory council 1204‑F
Subway track safety 1205
Rates of fare and levels of service 1205‑A
Surrender of power plants 1206
Omnibus operations 1206‑A
Transit construction fund 1207
Notes and equipment trusts 1207‑A
Purchase of cars by the authority and disposition thereof 1207‑B
Issuance of bonds and notes by the authority 1207‑C
Required redemption of bonds 1207‑D
Agreement of the state 1207‑E
State and city not liable on bonds or notes 1207‑F
Bonds and notes legal investments for fiduciaries 1207‑G
Exemptions from taxation 1207‑H
Remedies of bondholders and noteholders 1207‑I
Rates of fare while bonds, notes and other obligations are outstanding 1207‑J
Limitation on the exercise of powers by authority and lease renewal 1207‑K
Purchase, financing and lease of cars and rolling stock by city 1207‑L
Inconsistent provisions of other acts superseded 1207‑M
Transit projects 1208
Revenue and accounts 1209
Contracts 1209‑A
Transit adjudication bureau 1210
Employees 1210‑A
Flexible benefits program 1211
Members and employees not to be interested in contracts 1212
Actions against the authority 1212‑A
Security by authority 1213
Report 1214
Rapid transit law 1215
Construction of terms 1216
Exemption from taxation and fees 1217
Records 1218
Pending actions and proceedings 1219
Continuity of jurisdiction 1219‑A
Transfer and receipt of surplus funds 1220
Separability 1221
Inconsistent provisions in other acts superseded
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Accessed:
Jan. 18, 2025

Last modified:
Sep. 22, 2014

§ 1203-B’s source at nysenate​.gov

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