N.Y.
State Finance Law Section 92-FF
Metropolitan transportation authority financial assistance fund
1.
There is hereby established in the joint custody of the commissioner of taxation and finance and the state comptroller a special fund to be known as the “metropolitan transportation authority financial assistance fund”.2.
Moneys in the metropolitan transportation authority financial assistance fund shall be kept separately from and shall not be commingled with any other moneys in the joint or sole custody of the state comptroller or the commissioner of taxation and finance.3.
Such fund shall consist of all moneys collected therefor or credited or transferred thereto from any other fund, account or source. Any interest received by the comptroller on moneys on deposit in the metropolitan transportation authority financial assistance fund shall be retained in and become a part of such fund.4.
The metropolitan transportation authority financial assistance fund shall consist of two separate and distinct accounts:(a)
the “mobility tax trust account” and (b) the “metropolitan transportation authority aid trust account.” Moneys in each of the accounts shall be kept separately from and not commingled with any other moneys in the metropolitan transportation authority financial assistance fund.5.
(a) The “mobility tax trust account” shall consist of moneys credited or transferred thereto from any fund or source pursuant to law.(b)
Moneys in the “mobility tax trust account” shall, pursuant to appropriation by the legislature, be transferred on a monthly basis to the metropolitan transportation authority finance fund established by Public Authorities Law § 1270-H (Metropolitan transportation authority finance fund)section twelve hundred seventy-h of the public authorities law and utilized in accordance with said section. It is the intent of the legislature to enact two appropriations from the mobility tax trust account to the metropolitan transportation authority finance fund established by Public Authorities Law § 1270-H (Metropolitan transportation authority finance fund)section twelve hundred seventy-h of the public authorities law. One such appropriation shall be equal to the amounts expected to be available from any monies described in paragraph (a) of this subdivision during the two thousand eighteen--two thousand nineteen fiscal year and shall be effective in that fiscal year. The other such appropriation shall be equal to the amounts expected to be available from any monies described in paragraph (a) of this subdivision during the two thousand nineteen--two thousand twenty fiscal year and shall, notwithstanding the provisions of § 40 (Period for which appropriations made)section forty of this chapter, take effect on the first day of the two thousand nineteen--two thousand twenty fiscal year and lapse on the last day of that fiscal year. It is the intent of the governor to submit and the legislature to enact for each fiscal year after the two thousand eighteen--two thousand nineteen fiscal year in an annual budget bill:(i)
an appropriation for the amount expected to be available in the mobility tax trust account during such fiscal year for the metropolitan transportation authority from any monies described in paragraph (a) of this subdivision; and(ii)
an appropriation for the amount projected by the director of the budget to be deposited in the mobility tax trust account from any monies described in paragraph (a) of this subdivision for the next succeeding fiscal year. Such appropriation for payment of revenues projected to be deposited in the succeeding fiscal year shall, notwithstanding the provisions of § 40 (Period for which appropriations made)section forty of this chapter, take effect on the first day of such succeeding fiscal year and lapse on the last day of such fiscal year. If for any fiscal year commencing on or after the first day of April, two thousand ten the governor fails to submit a budget bill containing the foregoing, or the legislature fails to enact a bill with such provisions, then the metropolitan transportation authority shall notify the comptroller, the director of the budget, the chairperson of the senate finance committee and the chairperson of the assembly ways and means committee of amounts required to be disbursed from the appropriation made during the preceding fiscal year for payment in such fiscal year. In no event shall the comptroller make any payments from such appropriation prior to May first of such fiscal year, and unless and until the director of the budget, the chairperson of the senate finance committee and the chairperson of the assembly ways and means committee have been notified of the required payments and the timing of such payments to be made from the mobility tax trust account to the metropolitan transportation authority finance fund established by Public Authorities Law § 1270-H (Metropolitan transportation authority finance fund)section twelve hundred seventy-h of the public authorities law at least forty-eight hours prior to any such payments. Until such time as payments pursuant to such appropriation are made in full, revenues in the mobility tax trust account shall not be paid over to any person other than the metropolitan transportation authority.6.
(a) The “metropolitan transportation authority aid trust account” shall consist of moneys credited or transferred thereto from any other source pursuant to law.(b)
Moneys in the metropolitan transportation authority aid trust account shall, following appropriation by the legislature, be deposited quarterly by the comptroller into the corporate transportation account of the metropolitan transportation authority special assistance fund established by Public Authorities Law § 1270-A (Metropolitan transportation authority special assistance fund)section twelve hundred seventy-a of the public authorities law, to be applied as provided in paragraph (e) of subdivision four of such Public Authorities Law § 1270-A (Metropolitan transportation authority special assistance fund)section twelve hundred seventy-a of the public authorities law.7.
Nothing contained in this section shall be deemed to restrict the right of the state to amend, repeal, modify or otherwise alter statutes imposing or relating to the taxes and fees producing revenues for deposit in the metropolitan transportation authority financial assistance fund or the appropriations relating thereto. The metropolitan transportation authority shall not include within any resolution, contract or agreement with holders of the bonds or notes issued under Public Authorities Law § 1269 (Notes, bonds and other obligations of the authority)section twelve hundred sixty-nine of the public authorities law any provision which provides that a default occurs as a result of the state exercising its right to amend, repeal, modify or otherwise alter such taxes or appropriations.
Source:
Section 92-FF — Metropolitan transportation authority financial assistance fund, https://www.nysenate.gov/legislation/laws/STF/92-FF (updated Apr. 19, 2019; accessed Oct. 26, 2024).
