§ 1270-c. Metropolitan transportation authority dedicated tax fund. 1.\nThe authority shall establish a fund to be known as the "metropolitan\ntransportation authority dedicated tax fund" which shall be kept\nseparate from and shall not be commingled with any other moneys of the\nauthority. The fund shall consist of a "pledged amounts account" and an\n"operating and capital costs account" and such other accounts and\nsubaccounts as the authority may determine.\n 2. There shall be deposited, pursuant to appropriation, into the fund\nthe moneys deposited in the dedicated mass transportation trust fund for\npayment to the metropolitan transportation authority dedicated tax fund\npursuant to the provisions of subdivision (d) of section three hundred\none-j of the tax law, paragraph two of subdivision (d) of section eleven\nhundred nine of the tax law, and any other moneys collected for or\ntransferred to such fund pursuant to section eighty-eight-a of the state\nfinance law and any other provision of law directing or permitting the\ndeposit of moneys in such fund.\n 3. Moneys in the fund may be (a) pledged by the authority to secure\nand be applied to the payment of its bonds, notes or other obligations\nspecified by the authority and issued to finance (i) transit projects\nundertaken for the New York city transit authority and its subsidiaries\nand (ii) transportation facilities undertaken for the authority and its\nsubsidiaries and (b) used for payment of operating costs, and capital\ncosts, including debt service, reserve requirements, if any, the payment\nof amounts required under bond and note facilities or agreements related\nthereto, the payment of federal government loans, security or credit\narrangements or other agreements related thereto, and the payment of all\ncosts related to such obligations, of or for the authority, the New York\ncity transit authority and their subsidiaries as the authority shall\ndetermine. To the extent moneys in the fund have been pledged by the\nauthority to secure and pay its bonds, notes or other obligations as\nherein provided, moneys deposited into the fund shall first be deposited\ninto the pledged amounts account to the extent necessary to satisfy the\nrequirements of any debt service or reserve requirements, if any, of the\nresolution authorizing such bonds, notes or other obligations. After\nsatisfaction of such requirements of the resolution, or if the authority\nhas not so pledged the moneys in the fund, moneys deposited in the fund\nshall be directly deposited into the operating and capital costs account\nand, subject to the provisions of any resolutions of the authority not\nsecured by the pledged amounts account, transferred forthwith to or for\nthe benefit of the New York city transit authority and its subsidiaries\nand the Staten Island rapid transit operating authority (the "TA") and\nto and for the benefit of the Long Island Rail Road company and the\nMetro-North commuter rail road company (the "CRR") as provided in this\nsection.\n Moneys in the operating and capital costs account which were deposited\nin the fund pursuant to appropriation from moneys deposited in the\ndedicated mass transportation trust fund for payment to the metropolitan\ntransportation authority dedicated tax fund pursuant to subdivision (d)\nof section three hundred one-j of the tax law or paragraph two of\nsubdivision (d) of section eleven hundred nine of the tax law (the\n"remaining PBT amount") shall be distributed by the authority as\nfollows: an amount equal to the debt service incurred in such calendar\nyear as a result of obligations issued and secured by moneys in the\nfund, to the extent such debt service is to be paid from money deposited\nin the fund pursuant to appropriation from moneys deposited in the\ndedicated mass transportation trust fund for payment to the metropolitan\ntransportation authority dedicated tax fund pursuant to subdivision (d)\nof section three hundred one-j of the tax
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