Section 88-B. Suburban transportation fund

1. There is hereby established
  in the joint custody of the commissioner of taxation and finance and the
  comptroller a fund to be known as the "suburban transportation fund".
    2. The suburban transportation fund shall consist of moneys  from  the
  commuter  railroad  account of the metropolitan transportation authority
  special assistance fund required to be paid by  such  authority  to  the
  suburban  transportation  fund  pursuant to subdivision three of section
  twelve hundred seventy-a of the public authorities law  and  any  moneys
  from  the  metropolitan  transportation  authority  Dutchess, Orange and
  Rockland fund transferred pursuant to subdivision four of section twelve
  hundred seventy-a of the public authorities law.
    3. Moneys in the suburban transportation fund shall be  kept  separate
  from and shall not be commingled with any other moneys in the custody of
  the  commissioner  of  taxation  and  finance  and  the comptroller. All
  deposits of such money shall, if required by the comptroller, be secured
  by obligations of the United States or of  the  state  of  market  value
  equal  at all times to the amount of the deposit and all banks and trust
  companies are authorized to give such securities for such deposits.
    4. Moneys of the fund shall be made available for financing any of the
  following types of capital projects within the counties  comprising  the
  metropolitan  commuter  transportation  district,  except those counties
  comprising the city of New York,  but  only  to  the  extent  that  such
  projects  are  on  an  adopted  transportation  plan  and  approved by a
  designated transportation coordinating committee, if one exists,  or  by
  the  metropolitan  planning  organization as created pursuant to section
  fifteen-a of the transportation  law  if  no  designated  transportation
  coordinating  committee exists: capacity and infrastructure improvements
  to state, county, town, city,  village  roads,  highways,  parkways  and
  bridges;  or  state,  county,  town, city or village mass transportation
  projects; provided, however, that in Nassau and  Suffolk  counties  such
  moneys shall be available only for capacity improvements to state roads,
  highways,  parkways  and bridges. The amount of state funds historically
  appropriated  statewide,  other  than  bond  funds,  for  transportation
  capital  purposes from other sources shall not be reduced because of the
  availability of such moneys made available pursuant to this chapter, nor
  shall such moneys be used to match federal aid. Prior to the  allocation
  of  state  advance  funds  appropriated  pursuant  to  this section, the
  municipality  responsible  for  the  project  shall   certify   to   the
  commissioner of transportation that the amount of funds appropriated for
  transportation  capital  purposes  by  that  municipality  shall  not be
  reduced because of the availability of such  state  advance  funds,  and
  that such moneys shall not be used to match federal aid.
    The  designated  transportation coordinating committee, if one exists,
  or   the   metropolitan   planning   organization   if   no   designated
  transportation   coordinating   committee   exists,   shall  notify  the
  municipalities  within  its  jurisdiction  of  which  projects  it   has
  approved.
    5.  In  the  event  that  any  county  withdraws from the metropolitan
  commuter transportation district, the withdrawing county  shall  pay  to
  the  state  comptroller any amount that is required so that the state is
  fully reimbursed for funds advanced  in  anticipation  of  reimbursement
  from the suburban transportation fund. In the event that any withdrawing
  county  shall  fail  to make a payment pursuant to this subdivision, the
  state comptroller shall withhold and pay to the capital projects fund an
  amount equal to the amount owed from the next general or specific  state
  aid payment and scheduled to be paid to that county.
    6.  Moneys in the suburban transportation fund transferred pursuant to
  section twelve hundred seventy-a of the public authorities law shall  be

  made  available  to  the  state department of transportation for capital
  projects in  the  counties  of  Nassau,  Suffolk,  Westchester,  Putnam,
  Dutchess,  Orange and Rockland on the basis of each county's average pro
  rata  share  of  the  mortgage  recording  tax  receipts  raised in such
  counties pursuant to subdivision one of section two hundred sixty-one of
  the  tax  law  during  the  period  January  first,   nineteen   hundred
  eighty-four  through  December thirty-first, nineteen hundred eighty-six
  as  certified  by  the  metropolitan  transportation  authority.  Moneys
  transferred  to  the  suburban  transportation  fund  at  the request of
  Dutchess, Orange or Rockland county pursuant  to  subdivision  three  of
  section  twelve hundred seventy-b of the public authorities law shall be
  used  by  the  state  department  of  transportation  to  increase   the
  proportionate  share  of  such  capital  projects  in  such county. Such
  projects shall be financed by means of a state advance to be  reimbursed
  by  the  New  York  state  thruway  authority,  or its successor agency,
  through the issuance of its bonds or notes in the manner  set  forth  in
  subdivision  seven of this section, or by means of a state advance to be
  reimbursed directly from the suburban transportation fund.
    7. (a) For projects funded by the suburban  transportation  fund,  the
  state  department of transportation may enter into an agreement with the
  New York state thruway authority,  or  its  successor  agency,  for  the
  purpose  of having the thruway authority, or its successor agency, issue
  bonds or notes to pay the capital costs of such project. Such  agreement
  shall  be  subject  to  approval  by the director of the division of the
  budget.
    (b) For projects funded pursuant to  this  subdivision,  the  affected
  municipality  shall  enter  into  an  agreement  with  the department of
  transportation  for  the  conveyance  of  all  affected  real   property
  including  highways,  roads and bridges to the thruway authority, or its
  successor agency, for the term of the  bonds  or  notes  issued  by  the
  thruway authority, or its successor agency, for such project or for such
  lesser  period  that  such  bonds  or  notes are outstanding. During the
  period of such conveyance to the thruway  authority,  or  its  successor
  agency, the department of transportation or the municipality shall agree
  to  maintain  the facility in a state of good repair, the responsibility
  for  which  shall  be  with  the  state,  or  municipality,  which   had
  jurisdiction over said facility prior to such agreement.
    (c)  Upon  the  final  retirement of all bonds and notes issued by the
  thruway authority, or its  successor  agency,  for  such  purpose,  such
  property shall automatically revert to the conveying entity.
    8.  Payments  to  the  thruway  authority,  or  its  successor agency,
  pursuant to this section shall be  subject  to  appropriation  from  the
  suburban  transportation  fund.  The thruway authority, or its successor
  agency, shall utilize such moneys to pay the debt service on such  bonds
  or notes and to meet administrative costs in connection therewith.