Section 1225-I. Payments to the fund

(a) To further enable the fund to
  realize its public and governmental purpose the city shall, in  addition
  to  any  other financial assistance, annually pay to the fund in respect
  to each city fiscal year an amount equal to the aggregate of all rentals
  and other payments due and coming due to  the  transportation  authority
  from  the  fund for that city fiscal year pursuant to any lease or other
  agreement entered into between  the  transportation  authority  and  the
  fund,  which  amount  shall be payable on or before the fifteenth day of
  September of such city fiscal year, provided however, that  such  amount
  shall  have been appropriated by the city to the fund or shall otherwise
  have been made lawfully available for such purpose.
    (b) In the event of the failure of the city to pay to the fund, on  or
  before  such fifteenth day of September, all or part of such amount, the
  fund  or  its  designate  shall  forthwith  make  and  deliver  to   the
  comptroller  of the state a certificate stating such amount and the sum,
  if any, paid by the city to the fund with respect  to  such  amount  and
  further  stating  the  difference between such amount and such sum, and,
  after the state comptroller shall have promptly given written notice  to
  the  budget  director,  such difference shall be paid to the fund or its
  designate whichever makes and delivers such  certificate  by  the  state
  comptroller  out  of any succeeding payments of state aid apportioned to
  the city as per capita aid for the support of local government  pursuant
  to  section  fifty-four  of  the  state finance law or such other aid or
  assistance payable by the state to the city and not otherwise  allocated
  as  shall  supersede  or supplement such state per capita aid, including
  federal moneys apportioned to the city by the  state;  except,  however,
  that  prior  to  any  deductions  from  any  such aid or assistance, the
  moneys, if any, then payable to the city  university  construction  fund
  pursuant  to the provisions of the city university construction fund act
  or to the New York city housing development corporation pursuant to  the
  New  York  city  housing  development  corporation act or to the transit
  authority pursuant to chapter seven of  the  laws  of  nineteen  hundred
  seventy-two  shall  be  paid  in  full  to  such  fund,  corporation  or
  authority.
    (c)  Since  the  fund's  continued  discharge  of   its   public   and
  governmental  purpose to provide transit facilities is of benefit to the
  city, the city shall pay, within the appropriations available  therefor,
  the expenses of the establishment and continued operation of the fund.
    (d)  The  city  shall have the power to enter into agreements with the
  transportation authority to which the transit authority may be a  party,
  to pay for planning, design and feasibility studies undertaken or caused
  to be undertaken by the transportation authority.
    (e)  Notwithstanding  any  other provision of law, the city shall have
  the power to contract indebtedness and to issue its obligations pursuant
  to the local finance law  for  the  purpose  of  financing  any  payment
  authorized  or  required  to  be  made by this section. Any such payment
  shall constitute an object or purpose for which the period  of  probable
  usefulness is hereby determined to be five years.