Section 1270-A. Metropolitan transportation authority special assistance fund

1. The authority shall create and establish a fund to be known as  the "metropolitan  transportation  authority  special  assistance  fund"
  which  shall  be kept separate from and shall not be commingled with any
  other moneys of the authority. The special assistance fund shall consist
  of  three  separate  accounts:  (i)  the  "transit  account",  (ii)  the
  "commuter  railroad  account"  and  (iii)  the "corporate transportation
  account".
    The authority shall make deposits  in  the  transit  account  and  the
  commuter  railroad  account of the moneys received by it pursuant to the
  provisions of subdivision one of section two hundred  sixty-one  of  the
  tax  law  in  accordance  with  the  provisions  thereof, and shall make
  deposits in the corporate transportation account of the moneys  received
  by  it  pursuant  to  the  provisions  of subdivision two of section two
  hundred sixty-one of the tax law and section ninety-two-ff of the  state
  finance law.
    2.  Moneys  in  the  transit  account may be pledged to the Triborough
  bridge and tunnel authority  to  secure  bonds  and  notes  and,  if  so
  pledged,  shall be paid to the Triborough bridge and tunnel authority in
  such amounts and at such times as necessary to pay or to reimburse  that
  authority  for  its  payment of debt service and reserve requirements on
  that portion of special Triborough bridge and tunnel authority bonds and
  notes  issued  by  that  authority  pursuant  to  section  five  hundred
  fifty-three-d  of  this  chapter for transit projects undertaken for the
  New York city transit authority and its  subsidiaries.  Subject  to  the
  provisions  of  such pledge, any excess monies, or in the event there is
  no such pledge, any moneys in such account shall, at  the  direction  of
  the  metropolitan transportation authority, be (a) deposited into one or
  more funds or accounts  and  used  as  contemplated  by  section  twelve
  hundred seventy-d of this title or (b) used for the payment of operating
  and  capital  costs  of  the  New  York  city  transit authority and its
  subsidiaries and the Staten Island rapid transit operating authority.
    3. The authority shall transfer in nineteen hundred eighty-seven up to
  twenty million dollars of the moneys in the commuter railroad account to
  the suburban transportation fund in accordance  with  the  terms  of  an
  agreement  between  the  authority  and the department of transportation
  with respect  thereto,  established  herein,  and  pursuant  to  section
  eighty-eight-b  of  the  state  finance  law.  In  subsequent  years the
  authority shall transfer twenty million dollars of  the  moneys  in  the
  commuter  railroad  account  to  the  suburban  transportation  fund  in
  accordance with the terms of an agreement between the authority and  the
  department  of  transportation with respect thereto, established herein,
  and pursuant to section eighty-eight-b of the state finance law.
    In the event the transfer to the suburban transportation fund provided
  pursuant to  this  subdivision  results  in  an  operating  deficit,  as
  certified by the director of the division of the budget, in consultation
  with  the  authority,  that  portion of the deficit attributable to such
  transfer shall be appropriated from the general fund  to  the  authority
  for  commuter  railroad operating purposes, provided, however, that such
  appropriation shall not exceed twenty million dollars.
    The remaining moneys in the commuter railroad account may  be  pledged
  to  the Triborough bridge and tunnel authority to secure bonds and notes
  and, if so pledged, shall be paid to the Triborough  bridge  and  tunnel
  authority  in  such  amounts and at such times as necessary to pay or to
  reimburse that authority for its payment of  debt  service  and  reserve
  requirements  on  that  portion  of special Triborough bridge and tunnel
  authority bonds and notes issued by that authority pursuant  to  section
  five hundred fifty-three-d of this chapter for transportation facilities

  undertaken  for  the  authority  and  its  subsidiaries.  Subject to the
  provisions of any such pledge, any excess monies, or in the event  there
  is no such pledge, any moneys in such account shall, at the direction of
  the  metropolitan transportation authority, be (a) deposited into one or
  more funds or accounts  and  used  as  contemplated  by  section  twelve
  hundred  seventy-d  of  this title or, (b) used for payment of operating
  and capital  costs  of  the  Long  Island  Rail  Road  company  and  the
  Metro-North commuter railroad company.
    4.  (a)  Moneys in the corporate transportation account shall first be
  used for payments to the metropolitan transportation authority Dutchess,
  Orange and Rockland fund established by section twelve hundred seventy-b
  of this title. The remaining  moneys  in  the  corporate  transportation
  account  may  be  pledged by the authority, or pledged to the Triborough
  bridge and tunnel authority, to secure bonds, notes or other obligations
  of the authority or the Triborough bridge and tunnel authority,  as  the
  case  may  be,  and,  if  so pledged to the Triborough bridge and tunnel
  authority, shall be paid to the Triborough bridge and  tunnel  authority
  in  such  amounts  and at such times as necessary to pay or to reimburse
  that authority for its payment of debt service and reserve requirements,
  if any,  on  that  portion  of  special  Triborough  bridge  and  tunnel
  authority  bonds  and notes issued by that authority pursuant to section
  five hundred fifty-three-d of this chapter. Subject to the provisions of
  any such pledge, or in the event there is no  such  pledge,  any  excess
  moneys  in  the  corporate  transportation  account  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.
    (b) Commencing in calendar year nineteen hundred eighty-nine,  and  in
  each  subsequent  year  thereafter, the authority shall transfer in four
  equal quarterly amounts from the corporate transportation account to the
  metropolitan transportation authority Dutchess, Orange and Rockland fund
  created by section twelve hundred seventy-b of this title the  following
  amounts:  to  the  Dutchess  account of such fund the sum of one million
  five hundred thousand dollars; to the Orange account of  such  fund  the
  sum  of  one  million five hundred thousand dollars; and to the Rockland
  account of such fund the sum of two million dollars.
    (c) Commencing in calendar year nineteen hundred ninety, and each year
  thereafter,  the   authority   shall   transfer   from   the   corporate
  transportation  account  to the Dutchess account, the Orange account and
  the Rockland account, respectively, an amount equal to  the  percent  by
  which  such county's payments to the authority in the preceding calendar
  year pursuant to the provisions of subdivisions one and two  of  section
  two  hundred  sixty-one  of  the tax law increased over such payments in
  nineteen hundred eighty-nine times one  million  five  hundred  thousand
  dollars  for  Dutchess county, one million five hundred thousand dollars
  for Orange county and two million dollars for Rockland county; provided,
  however, that in no event shall such amount reduce the amount that  each
  county  would  receive  pursuant to paragraph (b) of this subdivision be
  reduced by operation of this paragraph, and provided  further,  however,
  for  purposes of calculating the percent by which such county's payments
  to the  authority  in  the  preceding  calendar  year  pursuant  to  the
  provisions  of subdivisions one and two of section two hundred sixty-one
  of the  tax  law  increased  over  such  payments  in  nineteen  hundred
  eighty-nine, there shall be excluded the amount by which the payments in
  each  such  year  increased  as  a  result  of the recording tax imposed
  pursuant to the provisions of subdivision one  of  section  two  hundred

  sixty-one  of  the tax law being in excess of twenty-five cents for each
  one hundred dollars.
    (d)  (1)  In the event the county of Dutchess, the county of Orange or
  the county of Rockland withdraws from  the  metropolitan  transportation
  district,   the   authority   shall  not  transfer  from  the  corporate
  transportation account  to  the  metropolitan  transportation  authority
  Dutchess, Orange and Rockland fund that portion of the moneys that would
  otherwise be transferred from such account to such fund to the credit of
  such withdrawing county or counties.
    (2)  For  purposes  of  this  subdivision,  a county is deemed to have
  withdrawn if a resolution is adopted and filed by the county legislature
  of such county  providing  a  public  transportation  plan  pursuant  to
  section twelve hundred seventy-nine-b of this title.
    (e)  Notwithstanding the foregoing provisions of this subdivision, any
  moneys in the corporate transportation account that are received by  the
  authority  pursuant  to  the  provisions of section ninety-two-ff of the
  state finance law may be pledged by the authority,  or  pledged  to  the
  Triborough  bridge and tunnel authority, to secure bonds, notes or other
  obligations of  the  authority  or  the  Triborough  bridge  and  tunnel
  authority,  as  the  case  may  be, and, if so pledged to the Triborough
  bridge and tunnel authority, shall be paid to the Triborough bridge  and
  tunnel  authority  in such amounts and at such times as necessary to pay
  or to reimburse that authority for  its  payment  of  debt  service  and
  reserve  requirements,  if  any,  on  that portion of special Triborough
  bridge and tunnel authority bonds and notes  issued  by  that  authority
  pursuant  to section five hundred fifty-three-d of this chapter. Subject
  to the provisions of any such pledge, or in the event there is  no  such
  pledge,  any  moneys in the corporate transportation account received by
  the authority pursuant to the provisions of section ninety-two-ff of the
  state finance law 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.  No
  moneys  in the corporate transportation account that are reserved by the
  authority pursuant to the provisions of  section  ninety-two-ff  of  the
  state  finance  law  may be used for making any payment to the Dutchess,
  Orange and Rockland fund created by section twelve hundred seventy-b  of
  this  title or considered in calculating the amounts required to be paid
  into such fund.