Section 92-FF. Metropolitan transportation authority financial assistance fund

1. There is  hereby  established  in  the  joint  custody  of  the
  commissioner of taxation and finance and the state comptroller a special
  fund to be known as the "metropolitan transportation authority financial
  assistance fund".
    2.  Moneys  in  the  metropolitan  transportation  authority financial
  assistance  fund  shall  be  kept  separately  from  and  shall  not  be
  commingled  with  any  other  moneys in the joint or sole custody of the
  state comptroller or the commissioner of taxation and finance.
    3. Such fund shall  consist  of  all  moneys  collected  therefore  or
  credited  or transferred thereto from any other fund, account or source,
  including,  without  limitation,   the   revenues   derived   from   the
  metropolitan  commuter  transportation  mobility  tax imposed by article
  twenty-three  of  the  tax  law;  revenues  derived  from  the   special
  supplemental  tax  on  passenger  car  rentals imposed by section eleven
  hundred  sixty-six-a  of  the  tax  law;  revenues  derived   from   the
  transportation  surcharge  imposed  by  article twenty-nine-A of the tax
  law; the supplemental registration fees imposed by  article  seventeen-C
  of  the  vehicle  and  traffic  law;  and  the supplemental metropolitan
  commuter transportation district license fees imposed  by  section  five
  hundred  three  of the vehicle and traffic law. Any interest received by
  the comptroller on moneys on deposit in the metropolitan  transportation
  authority  financial  assistance  fund shall be retained in and become a
  part of such fund.
    4. The metropolitan transportation authority financial assistance fund
  shall consist of two separate and distinct accounts: (a)  the  "mobility
  tax  trust  account"  and (b) the "metropolitan transportation authority
  aid trust account." Moneys  in  each  of  the  accounts  shall  be  kept
  separately  from  and  not  commingled  with  any  other  moneys  in the
  metropolitan transportation authority financial assistance fund.
    5. (a) The "mobility tax trust  account"  shall  consist  of  revenues
  required  to  be deposited therein pursuant to the provisions of article
  twenty-three of the tax law and all other moneys credited or transferred
  thereto from any other fund or source pursuant to law.
    (b) Moneys in the "mobility tax  trust  account"  shall,  pursuant  to
  appropriation  by  the legislature, be transferred on a monthly basis to
  the metropolitan transportation authority finance  fund  established  by
  section  twelve  hundred  seventy-h  of  the  public authorities law and
  utilized in accordance with said  section.  It  is  the  intent  of  the
  legislature  to  enact  two  appropriations  from the mobility tax trust
  account  to  the  metropolitan  transportation  authority  finance  fund
  established   by   section   twelve  hundred  seventy-h  of  the  public
  authorities law. One such appropriation shall be equal  to  the  amounts
  expected   to   be  available  for  such  purpose  pursuant  to  article
  twenty-three of the tax law  or  from  any  other  monies  described  in
  paragraph  (a)  of  this  subdivision  during the two thousand nine--two
  thousand ten fiscal year and shall be effective in that fiscal year. The
  other such appropriation shall be equal to the amounts  expected  to  be
  available  for  such purpose pursuant to article twenty-three of the tax
  law or from  any  other  monies  described  in  paragraph  (a)  of  this
  subdivision during the two thousand ten--two thousand eleven fiscal year
  and  shall,  notwithstanding  the  provisions  of  section forty of this
  chapter, take effect on the first  day  of  the  two  thousand  ten--two
  thousand  eleven  fiscal  year  and lapse on the last day of that fiscal
  year. It is the intent of the governor to submit and the legislature  to
  enact for each fiscal year after the two thousand nine--two thousand ten
  fiscal  year  in  an  annual  budget  bill: (i) an appropriation for the
  amount expected to be available in the mobility tax trust account during

  such fiscal year for the metropolitan transportation authority  pursuant
  to  article twenty-three of the tax law or any other monies described in
  paragraph (a) of this subdivision; and (ii)  an  appropriation  for  the
  amount  projected  by  the director of the budget to be deposited in the
  mobility tax trust account pursuant to article twenty-three of  the  tax
  law  or  from  any  other  monies  described  in  paragraph  (a) of this
  subdivision for the next succeeding fiscal year. Such appropriation  for
  payment  of  revenues projected to be deposited in the succeeding fiscal
  year shall, notwithstanding the provisions  of  section  forty  of  this
  chapter, take effect on the first day of such succeeding fiscal year and
  lapse  on  the  last  day  of  such  fiscal year. If for any fiscal year
  commencing on or after the first day of  April,  two  thousand  ten  the
  governor  fails to submit a budget bill containing the foregoing, or the
  legislature fails to  enact  a  bill  with  such  provisions,  then  the
  metropolitan  transportation authority shall notify the comptroller, the
  director of the budget, the chairperson of the senate finance  committee
  and  the chairperson of the assembly ways and means committee of amounts
  required  to  be  disbursed  from  the  appropriation  made  during  the
  preceding fiscal year for payment in such fiscal year. In no event shall
  the  comptroller  make any payments from such appropriation prior to May
  first of such fiscal year, and unless and  until  the  director  of  the
  budget,  the  chairperson  of  the  senate  finance  committee  and  the
  chairperson of the assembly ways and means committee have been  notified
  of the required payments and the timing of such payments to be made from
  the  mobility  tax  trust  account  to  the  metropolitan transportation
  authority finance fund established by section twelve  hundred  seventy-h
  of  the  public  authorities law at least forty-eight hours prior to any
  such  payments.  Until  such  time  as   payments   pursuant   to   such
  appropriation  are  made  in  full,  revenues  in the mobility tax trust
  account shall not be paid over to any person other than the metropolitan
  transportation authority.
    6. (a) The "metropolitan transportation authority aid  trust  account"
  shall  consist  of revenues required to be deposited therein pursuant to
  the provisions of section eleven hundred sixty-six-a  of  the  tax  law;
  article twenty-nine-A of the tax law; article seventeen-C of the vehicle
  and  traffic  law;  and  section  five  hundred three of the vehicle and
  traffic law, and all other moneys credited or transferred  thereto  from
  any other fund or source pursuant to law.
    (b)  Moneys  in  the  metropolitan  transportation authority aid trust
  account shall, following appropriation by the legislature, be  deposited
  quarterly  by  the comptroller into the corporate transportation account
  of the metropolitan transportation  authority  special  assistance  fund
  established   by   section   twelve  hundred  seventy-a  of  the  public
  authorities  law,  to  be  applied  as  provided  in  paragraph  (e)  of
  subdivision  four of such section twelve hundred seventy-a of the public
  authorities law.
    7. Nothing contained in this section shall be deemed to  restrict  the
  right  of the state to amend, repeal, modify or otherwise alter statutes
  imposing or relating to  the  taxes  and  fees  producing  revenues  for
  deposit   in   the   metropolitan   transportation  authority  financial
  assistance fund or the appropriations relating thereto. The metropolitan
  transportation  authority  shall  not  include  within  any  resolution,
  contract  or  agreement  with holders of the bonds or notes issued under
  section twelve hundred sixty-nine of  the  public  authorities  law  any
  provision  which provides that a default occurs as a result of the state
  exercising its right to amend, repeal, modify or  otherwise  alter  such
  taxes or appropriations.