§ 1219-a. Transfer and receipt of surplus funds. 1. Notwithstanding\nany provision of this title or any other provision of law, general,\nspecial or local, the authority may from time to time transfer and pay\nover to metropolitan transportation authority or triborough bridge and\ntunnel authority all or any part of its surplus funds; and may accept\nand use any moneys transferred and paid over to it by metropolitan\ntransportation authority or triborough bridge and tunnel authority.\n 2. Notwithstanding the provisions of the preceding subdivision of this\nsection:\n (a) If the city shall have provided in its capital budget for its\nfiscal year beginning July first, nineteen hundred sixty-eight the\namount of one hundred million dollars, or such lesser amount as shall\nhave been requested by the authority for inclusion in such budget, for\nthe payment of the capital cost of projects requested by the authority\npursuant to section twelve hundred three of this title, then upon the\nwritten request of the mayor made within thirty days after the\ncommencement of such fiscal year, triborough bridge and tunnel authority\nshall transfer to the authority, by lump sum payment or installments at\nsuch time or times and in such amounts as the mayor shall elect, all or\nsuch part of the surplus funds of triborough bridge and tunnel authority\non hand as of the last day of its last fiscal year ending prior to such\nrequest as the mayor shall specify, which funds shall be applied by the\nauthority solely to the payment of its expenses of operation. If the\ncity shall have provided in its capital budget for any of its next four\nfiscal years, commencing with the fiscal year beginning July first,\nnineteen hundred sixty-nine, the amount of one hundred million dollars,\nor such lesser amount as shall have been requested by the authority for\ninclusion in such budget, for the payment of the capital cost of\nprojects requested by the authority pursuant to section twelve hundred\nthree of this title, then upon the written request of the mayor made\nwithin thirty days after the commencement of such fiscal year,\ntriborough bridge and tunnel authority shall transfer to the authority\nsolely for application to the payment of expenses of operation of the\nauthority the operating surplus of triborough bridge and tunnel\nauthority for its last fiscal year ending prior to such request, which\ntransfer shall also be by lump sum payment or installments at such time\nor times and in such amounts as the mayor shall elect. Projects shall be\neligible for inclusion in a computation made hereunder only if included\nin a capital budget on the first day of the fiscal year for which it is\nadopted. A carry-over project shall not be eligible for inclusion unless\nit was first included in a capital budget by way of an amendment\nthereto, in which event it shall be eligible for inclusion in a\ncomputation made hereunder with respect to the first fiscal year of the\ncity commencing after the adoption of the amendment.\n (b) Promptly upon the making of the certification of its operating\nsurplus, if any, for its fiscal year ending December thirty-first,\nnineteen hundred seventy-two and for each of its subsequent fiscal\nyears, triborough bridge and tunnel authority, at the direction of\nmetropolitan transportation authority, shall transfer such operating\nsurplus (1) to the metropolitan transportation authority for deposit\ninto one or more funds or accounts to be used as contemplated by section\ntwelve hundred seventy-d of this article, or (2) to the authority and\nthe metropolitan transportation authority solely for application to the\npayment of the expenses of operation. For purposes of determining the\nproportional allocation of the operating surplus as between the\nauthority and the metropolitan transportation authority, the following\nformula shall apply: (i) twenty-four million dollars plus fifty\npercentum of the balance of such operating surplus shall be
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.