N.Y. Public Authorities Law Section 1270-C
Metropolitan transportation authority dedicated tax fund


1.

The authority shall establish a fund to be known as the “metropolitan transportation authority dedicated tax fund” which shall be kept separate from and shall not be commingled with any other moneys of the authority. The fund shall consist of a “pledged amounts account” and an “operating and capital costs account” and such other accounts and subaccounts as the authority may determine.

2.

There shall be deposited, pursuant to appropriation, into the fund the moneys deposited in the dedicated mass transportation trust fund for payment to the metropolitan transportation authority dedicated tax fund pursuant to the provisions of subdivision (d) of Tax Law § 301-J (Supplemental petroleum business tax and supplemental tax on aviation gasoline component of aviation fuel business tax)section three hundred one-j of the tax law, and any other moneys collected for or transferred to such fund pursuant to State Finance Law § 88-A (Mass transportation operating assistance fund)section eighty-eight-a of the state finance law and any other provision of law directing or permitting the deposit of moneys in such fund.

3.

Moneys in the fund may be (a) pledged by the authority to secure and be applied to the payment of its bonds, notes or other obligations specified by the authority and issued to finance (i) transit projects undertaken for the New York city transit authority and its subsidiaries and (ii) transportation facilities undertaken for the authority and its subsidiaries 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 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. To the extent moneys in the fund have been pledged by the authority to secure and pay its bonds, notes or other obligations as herein provided, moneys deposited into the fund shall first be deposited into the pledged amounts account 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. After satisfaction of such requirements of the resolution, or if the authority has not so pledged the moneys in the fund, moneys deposited in the fund shall be directly deposited into the operating and capital costs account and, subject to the provisions of any resolutions of the authority not secured by the pledged amounts account, transferred forthwith to or for the benefit of the New York city transit authority and its subsidiaries and the Staten Island rapid transit operating authority (the “TA”) and to and for the benefit of the Long Island Rail Road company and the Metro-North commuter rail road company (the “CRR”) as provided in this section. Moneys in the operating and capital costs account which were deposited in the fund pursuant to appropriation from moneys deposited in the dedicated mass transportation trust fund for payment to the metropolitan transportation authority dedicated tax fund pursuant to subdivision (d) of Tax Law § 301-J (Supplemental petroleum business tax and supplemental tax on aviation gasoline component of aviation fuel business tax)section three hundred one-j of the tax law (the “remaining PBT amount”) shall be distributed by the authority as follows: an amount equal to the debt service incurred in such calendar year as a result of obligations issued and secured by moneys in the fund, to the extent such debt service is to be paid from money deposited in the fund pursuant to appropriation from moneys deposited in the dedicated mass transportation trust fund for payment to the metropolitan transportation authority dedicated tax fund pursuant to subdivision (d) of Tax Law § 301-J (Supplemental petroleum business tax and supplemental tax on aviation gasoline component of aviation fuel business tax)section three hundred one-j of the tax law (“PBT debt service”), shall be added to the remaining PBT amount. The sum of these figures shall then be allocated as follows: eighty-five per centum of such sum shall be allocated to the TA and fifteen per centum of such sum shall be allocated to the CRR. The amounts so allocated shall then be reduced respectively by the proportional amount of PBT debt service attributable to the payments for transit projects undertaken for the TA and transportation facility projects undertaken for the CRR. The remaining amounts shall constitute the respective distributable shares of the remaining PBT amount and shall be distributed to or for the benefit of the TA and the CRR. Moneys in the operating and capital costs account which were deposited in the fund pursuant to State Finance Law § 88-A (Mass transportation operating assistance fund)section eighty-eight-a of the state finance law (the “remaining MMTOA amount”) shall be distributed by the authority as follows: an amount equal to the debt service incurred in such calendar year as a result of obligations issued and secured by money in the fund, to the extent such debt service is to be paid from money deposited in the fund pursuant to State Finance Law § 88-A (Mass transportation operating assistance fund)section eighty-eight-a of the state finance law (“MMTOA debt service”), shall be added to the remaining MMTOA amount. The sum of these figures shall then be allocated as follows: there shall be allocated (i) to the TA an amount of such sum which bears the same proportion to such sum as the amount appropriated and paid during such calendar year from the metropolitan mass transportation operating assistance account to the authority for the operating expenses of the TA bears to the total amounts so appropriated and paid from such operating assistance account during such calendar year to the TA and CRR combined and (ii) to the CRR an amount of such sum which bears the same proportion to such sum as the amount appropriated and paid during such calendar year from the metropolitan mass transportation operating assistance account to the CRR bears to the total amounts so appropriated and paid from such operating assistance account during such calendar year to the TA and CRR combined. The amounts so allocated shall then be reduced respectively by the proportional amount of MMTOA debt service attributable to the payments for transit projects undertaken for the TA and transportation facility projects undertaken for the CRR. The remaining amounts shall constitute the respective distributable shares of the remaining MMTOA amount and shall be distributed to or for the benefit of the TA and the CRR. In no event shall the authority utilize any measure or calculation for determining such distributable shares other than the formula prescribed herein nor shall the authority take any action which would result in the use of such money which is different from or inconsistent with the use prescribed in this section. To the extent that amounts described in the preceding two paragraphs are distributed more frequently than annually, each such distribution shall be made as nearly as may be practicable in accordance with the allocations described above to the TA and the CRR. Within thirty 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, the amount of money deposited in the fund pursuant to appropriation from moneys deposited in the dedicated mass transportation trust fund for payment to the metropolitan transportation authority dedicated tax fund pursuant to subdivision (d) of Tax Law § 301-J (Supplemental petroleum business tax and supplemental tax on aviation gasoline component of aviation fuel business tax)section three hundred one-j of the tax law and State Finance Law § 88-A (Mass transportation operating assistance fund)section eighty-eight-a of the state finance law, the amounts expended from the pledged amounts account for the benefit of the TA and the CRR, and the amounts of the remaining PBT amount and the remaining MMTOA amount distributed during the prior calendar year to the TA and the CRR and specifying in each case the appropriation or appropriations which was the source of such amounts.

4.

Any money 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 thirteen-A 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 thirteen-A of the tax law, no petroleum business, as defined in Tax Law § 300 (General definitions)section three hundred of the tax law, or any other person, including the state, shall have any right or claim against the authority, any of its bondholders, the TA or the CRR to any moneys in or distributed from the fund or in respect of a refund, rebate, credit or reimbursement of taxes paid under article thirteen-A of the tax law.

Source: Section 1270-C — Metropolitan transportation authority dedicated tax fund, https://www.­nysenate.­gov/legislation/laws/PBA/1270-C (updated Sep. 22, 2014; accessed Jul. 13, 2024).

1260
Short title
1261
Definitions
1262
Metropolitan commuter transportation district
1263
Metropolitan transportation authority
1264
Purposes of the authority
1264‑A
State of emergency
1265
General powers of the authority
1265‑A
Contracts
1265‑B
Metropolitan transportation authority small business mentoring program
1266
Special powers of the authority
1266‑A
Medical emergency services
1266‑B
Medical emergency services plan
1266‑C
Transit projects
1266‑D
Long Island rail road commuter’s council
1266‑E
Metro-North rail commuter council
1266‑F
Medical emergency services plan
1266‑G
Excess loss fund
1266‑H
Authority police force
1266‑I
The permanent citizens advisory committee
1266‑J
Metropolitan transportation authority pledge to customers
1266‑K
Expired fare transfer policy
1266‑L
Surveillance cameras
1266‑L*2
Light duty for employees
1266‑M
Information concerning services for human trafficking victims
1267
Acquisition and disposition of real property
1267‑A
Acquisition and disposition of real property by department of transportation
1267‑B
Transit facilities for transit construction fund
1268
Co-operation and assistance of other agencies
1268‑A
Promotion of qualified transportation fringes
1269
Notes, bonds and other obligations of the authority
1269‑A
Metropolitan transportation authority capital program review board
1269‑B
Capital program plans
1269‑C
Metropolitan transportation authority capital program review board
1269‑D
Submission of strategic operation plan
1269‑E
Financial and operational reports
1269‑F
Mission statement and measurement report
1269‑G
Requirements for certain authority contracts and related subcontracts
1270
Reserve funds and appropriations
1270‑A
Metropolitan transportation authority special assistance fund
1270‑B
Metropolitan transportation authority Dutchess, Orange and Rockland fund
1270‑C
Metropolitan transportation authority dedicated tax fund
1270‑D
Consolidated financings
1270‑E
Implementation of the Transportation Infrastructure Bond Act of 2000
1270‑F
Implementation of the rebuild and renew New York transportation bond act of two thousand five
1270‑G
Regulation of certain authority expenditures
1270‑H
Metropolitan transportation authority finance fund
1270‑I
New York city transportation assistance fund
1270‑J
Metropolitan transportation authority commercial gaming revenue fund
1271
Agreement of the state
1272
Right of state to require redemption of bonds
1273
Remedies of noteholders and bondholders
1274
Notes and bonds as legal investment
1275
Exemption from taxation
1276
Actions against the authority
1276‑A
Annual audit of authority
1276‑B
Authority budget and financial plan
1276‑C
Independent audit of authority
1276‑D
Independent audit by the legislature
1276‑E
Reporting
1276‑F
Metropolitan transportation authority transit performance metrics
1277
Station operation and maintenance
1277‑A
Transfer and receipt of surplus funds
1278
Title not affected if in part unconstitutional or ineffective
1279
Metropolitan transportation authority inspector general
1279‑A
Management advisory board
1279‑B
Transition--election to withdraw from the metropolitan commuter transportation district
1279‑C
The office of legislative and community input
1279‑D
Supplemental revenue reporting program
1279‑E
Assignment, transfer, sharing or consolidating powers, functions or activities
1279‑F
Independent forensic audit
1279‑G
Major construction review unit
1279‑H
Debarment
1279‑I
Open data reporting
1279‑L
Right to share employees

Accessed:
Jul. 13, 2024

Last modified:
Sep. 22, 2014

§ 1270-C’s source at nysenate​.gov

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