§ 1270-d. Consolidated financings. 1. Notwithstanding any inconsistent\nprovisions of this or any other law, general, special or local, the\nauthority may issue its notes, bonds and other obligations to finance\ntransportation facilities, including transit projects and Triborough\nbridge and tunnel authority projects, utilizing a consolidated pledge of\nall or any portion of the revenues and other monies and assets of the\nauthority and its subsidiaries, New York city transit authority and its\nsubsidiaries, and Triborough bridge and tunnel authority, together with\nthose other sources of payment described in this section. In connection\ntherewith, at its discretion, the authority, subject to the rights of\nthe holders of notes, bonds or other obligations of the authority, New\nYork city transit authority or Triborough bridge and tunnel authority,\nmay (a) agree with the New York city transit authority or Triborough\nbridge and tunnel authority that any such entity will deposit all or any\nportion of the revenues, other monies and assets received by it or its\nsubsidiaries into one or more funds or accounts, and (b) deposit or\ncause to be deposited into one or more funds and accounts (i) all or any\nportion of the revenues, other monies and assets received by the\nauthority and its subsidiaries, (ii) all or any portion of the annual\noperating surplus of Triborough bridge and tunnel authority as certified\npursuant to paragraph (b) of subdivision two of section twelve hundred\nnineteen-a of this article, (iii) all or any portion of the amounts from\nthe operating and capital costs account of the metropolitan\ntransportation authority dedicated tax fund required to be distributed\nto New York city transit authority and the commuter railroad\nsubsidiaries of the authority under the provisions of section twelve\nhundred seventy-c of this title, (iv) all or any portion of the\navailable monies in the transit account of the metropolitan\ntransportation authority special assistance fund established under the\nprovisions of section twelve hundred seventy-a of this title available\nfor payment of operating and capital costs of New York city transit\nauthority and its subsidiaries and Staten Island rapid transit operating\nauthority as provided in subdivision two of section twelve hundred\nseventy-a of this title, (v) all or any portion of the available monies\nin the commuter railroad account of the metropolitan transportation\nauthority special assistance fund established under the provisions of\nsection twelve hundred seventy-a of this title available for payment of\noperating and capital costs of Long Island Rail Road company and\nMetro-North commuter railroad company as provided in subdivision three\nof section twelve hundred seventy-a of this title, (vi) all or any\nportion of the available monies in the corporate transportation account\nof the metropolitan transportation authority special assistance fund\nestablished under the provisions of section twelve hundred seventy-a of\nthis title available for use by the authority for payment of operating\ncosts of, and capital costs, including debt service and reserve\nrequirements, if any, of or for the authority, the New York city transit\nauthority and their subsidiaries as provided in paragraph (a) of\nsubdivision four of section twelve hundred seventy-a of this title, and\n(vii) any other monies of the authority, its subsidiaries, the New York\ncity transit authority and its subsidiaries, and the Triborough bridge\nand tunnel authority from any source whatsoever.\n 2. Amounts so deposited in such funds or accounts may be (a) pledged\nby the authority to secure, and be applied to, the payment of its bonds,\nnotes or other obligations issued to finance transportation facilities\nundertaken for the authority and its subsidiaries, transportation\nfacilities, including transit projects, undertaken for New York city\ntransit authority and its subsidiaries, and Triborough bridge and tun
‹ 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.