Section 1270-D. Consolidated financings

1. Notwithstanding any inconsistent
  provisions  of  this  or  any  other law, general, special or local, the
  authority may issue its notes, bonds and other  obligations  to  finance
  transportation  facilities,  including  transit  projects and Triborough
  bridge and tunnel authority projects, utilizing a consolidated pledge of
  all or any portion of the revenues and other monies and  assets  of  the
  authority  and its subsidiaries, New York city transit authority and its
  subsidiaries, and Triborough bridge and tunnel authority, together  with
  those  other sources of payment described in this section. In connection
  therewith, at its discretion, the authority, subject to  the  rights  of
  the  holders  of notes, bonds or other obligations of the authority, New
  York city transit authority or Triborough bridge and  tunnel  authority,
  may  (a)  agree  with  the New York city transit authority or Triborough
  bridge and tunnel authority that any such entity will deposit all or any
  portion of the revenues, other monies and assets received by it  or  its
  subsidiaries  into  one  or  more  funds or accounts, and (b) deposit or
  cause to be deposited into one or more funds and accounts (i) all or any
  portion of the  revenues,  other  monies  and  assets  received  by  the
  authority  and  its  subsidiaries, (ii) all or any portion of the annual
  operating surplus of Triborough bridge and tunnel authority as certified
  pursuant to paragraph (b) of subdivision two of section  twelve  hundred
  nineteen-a of this article, (iii) all or any portion of the amounts from
  the   operating   and   capital   costs   account  of  the  metropolitan
  transportation authority dedicated tax fund required to  be  distributed
  to   New   York   city  transit  authority  and  the  commuter  railroad
  subsidiaries of the authority under the  provisions  of  section  twelve
  hundred  seventy-c  of  this  title,  (iv)  all  or  any  portion of the
  available  monies  in  the   transit   account   of   the   metropolitan
  transportation  authority  special assistance fund established under the
  provisions of section twelve hundred seventy-a of this  title  available
  for  payment  of  operating  and  capital costs of New York city transit
  authority and its subsidiaries and Staten Island rapid transit operating
  authority as provided in  subdivision  two  of  section  twelve  hundred
  seventy-a  of this title, (v) all or any portion of the available monies
  in the commuter railroad  account  of  the  metropolitan  transportation
  authority  special  assistance  fund established under the provisions of
  section twelve hundred seventy-a of this title available for payment  of
  operating  and  capital  costs  of  Long  Island  Rail  Road company and
  Metro-North commuter railroad company as provided in  subdivision  three
  of  section  twelve  hundred  seventy-a  of  this title, (vi) all or any
  portion of the available monies in the corporate transportation  account
  of  the  metropolitan  transportation  authority special assistance fund
  established under the provisions of section twelve hundred seventy-a  of
  this  title  available for use 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  provided  in  paragraph  (a) of
  subdivision four of section twelve hundred seventy-a of this title,  and
  (vii)  any other monies of the authority, its subsidiaries, the New York
  city transit authority and its subsidiaries, and the  Triborough  bridge
  and tunnel authority from any source whatsoever.
    2.  Amounts  so deposited in such funds or accounts may be (a) pledged
  by the authority to secure, and be applied to, the payment of its bonds,
  notes or other obligations issued to finance  transportation  facilities
  undertaken  for  the  authority  and  its  subsidiaries,  transportation
  facilities, including transit projects, undertaken  for  New  York  city
  transit authority and its subsidiaries, and Triborough bridge and tunnel
  authority   projects   undertaken   for  Triborough  bridge  and  tunnel

  authority, and (b) used for payment  of  operating  costs,  and  capital
  costs, including debt service, reserve requirements, if any, the payment
  of  amounts  required  under bond, note or other financing facilities or
  agreements, and the payment of all costs related to such obligations, of
  or for the authority and its subsidiaries, and the New York city transit
  authority  and  its subsidiaries as the authority in its full discretion
  shall determine. To the extent moneys so deposited have been pledged  by
  the authority to secure and pay its bonds, notes or other obligations as
  herein  provided,  such  moneys  shall  first  be applied to satisfy the
  requirements  of  any  debt  service  or  reserve  requirements  of  the
  resolution  or resolutions or other contractual arrangements authorizing
  such bonds, notes or  other  obligations.  After  satisfaction  of  such
  requirements  of  any such resolution, resolutions, or other contractual
  arrangements or if the authority has not so pledged  such  moneys,  such
  moneys  so deposited, subject to the provisions of any other resolutions
  or contractual arrangements of the  authority  and  the  New  York  city
  transit  authority  and applicable provisions of law, may be transferred
  to or for the benefit of the authority and its subsidiaries and New York
  city transit authority and its subsidiaries. Revenues and  other  monies
  of  the  authority  and  its  subsidiaries  and  New  York  city transit
  authority and its subsidiaries, respectively, which are deposited in the
  funds or  accounts  authorized  by  this  section,  as  reduced  by  any
  application  of  such revenues or monies to the payment of debt service,
  reserve requirements, if  any,  and  other  costs  attributable  to  the
  funding  of  the  capital  costs  of  such  entity,  shall be allocated,
  credited and distributed to such source entity. Any  other  revenues  or
  monies  which  are deposited in the funds or accounts authorized by this
  section which are required by  law  to  be  allocated  or  paid  to  the
  authority  or its subsidiaries or New York city transit authority or its
  subsidiaries, shall be allocated or paid to the entity to  which  it  is
  required  to  be  allocated  or paid by law after reduction by an amount
  equal to the portion thereof applied to the  payment  of  debt  service,
  reserve  requirements,  if  any,  and  other  costs  attributable to the
  funding of the capital costs of such entity. In determining  the  amount
  of   debt  service,  reserve  requirements,  if  any,  and  other  costs
  attributable to the authority and its subsidiaries and the New York city
  transit authority and its subsidiaries, the authority  shall  make  such
  calculation  based  upon  the  percentage  of the proceeds of the bonds,
  notes and other obligations expended for the capital costs  attributable
  to each such entity. The authority may utilize any interim allocation of
  such  distributions,  provided  that within ninety days after the end of
  each calendar year, the authority shall certify to the director  of  the
  budget,  the  chairperson  of  the  senate  finance  committee  and  the
  chairperson of the assembly ways and means committee, that the aggregate
  amount  of  monies  transferred  to  each  of  the  authority  and   its
  subsidiaries,  and  New York city transit authority and its subsidiaries
  in respect of such calendar year, taking into  account  any  interagency
  repayments  or  reimbursements  anticipated  to  be  made  in  the  next
  succeeding calendar year, is not less than the amounts  required  to  be
  paid or transferred to such entities.
    3.  For  the  purpose  of  appropriately  aligning  and allocating the
  ultimate responsibility for debt service among and between the authority
  and  its  subsidiaries,  New  York  city  transit  authority   and   its
  subsidiaries,  or  Triborough  bridge  and  tunnel  authority  (each, an
  "affiliated group"), and except as otherwise authorized or  required  by
  law,  in connection with the application of revenues, subsidies or other
  monies or securities of an affiliated group  to  pay  the  debt  service
  attributable  to bonds, notes or other obligations which provide funding

  of the capital costs of another affiliated group or to refund or  redeem
  bonds,  notes  or  other  obligations the proceeds of which were used to
  fund the capital costs of another affiliated group, the affiliated group
  for  whose  benefit  debt  service  is  paid  or obligations refunded or
  redeemed, shall repay, through payments, adjustments or  other  form  of
  reconciliation,  such  amounts  to  the  affiliated group that made such
  payments not later than the end of  the  next  succeeding  fiscal  year,
  provided,  however,  that in connection with any refunding or redemption
  of bonds, notes or other obligations,  such  repayment,  adjustments  or
  other form of reconciliation shall be completed within the period of the
  applicable capital program plan.