N.Y. Public Authorities Law Section 1270-H
Metropolitan transportation authority finance fund

1.

The authority shall establish a fund to be known as the “metropolitan transportation authority finance fund” which shall be kept separate from and shall not be commingled with any other moneys of the authority.

2.

The comptroller shall deposit into the metropolitan transportation authority finance fund (a) monthly, pursuant to appropriation, the moneys deposited in the mobility tax trust account of the metropolitan transportation authority financial assistance fund pursuant to any provision of law directing or permitting the deposit of moneys in such fund, and

(b)

without appropriation, the revenue including taxes, interest and penalties collected in accordance with article twenty-three of the tax law.

3.

Moneys 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 issued on or after the effective date of this section to finance capital projects of the authority and its subsidiaries and the New York city transit authority and any subsidiaries; or

(b)

used for payment of 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. Subject to the provisions of any such pledge, or in the event there is no such pledge, any excess moneys in this fund may be used by the authority for payment of operating costs of, and capital costs, including debt service and reserve requirements, if any, 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 the bonds, notes or other obligations of the authority issued to finance capital projects of the authority and its subsidiaries and the New York city transit authority and any subsidiaries as herein provided, monies deposited into the fund shall be deposited 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.

4.

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 twenty-three 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 twenty-three of the tax law, no entity paying a mobility tax under article twenty-three of the tax law shall have any right or claim against the authority, any of their bondholders, any of the authority’s other subsidiaries or the New York city transit authority or any subsidiary to any moneys in or distributed from the fund or in respect of a refund, rebate, credit or reimbursement of taxes paid under article twenty-three of the tax law.

Source: Section 1270-H — Metropolitan transportation authority finance fund, https://www.­nysenate.­gov/legislation/laws/PBA/1270-H (updated Apr. 27, 2018; accessed Apr. 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
Green check means up to date. Up to date

Accessed:
Apr. 13, 2024

Last modified:
Apr. 27, 2018

§ 1270-H’s source at nysenate​.gov

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