Bill Text: NY A05637 | 2011-2012 | General Assembly | Introduced

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Bill Title: Provides that the triborough bridge and tunnel authority shall transfer in its entirety its annual operating surplus to the metropolitan transportation authority; provides that the metropolitan transportation authority shall, pursuant to resolution, transfer a portion of such surplus to the New York city transit authority (solely for application to the payment of its operating expenses) and retain a portion for application to the payment of its operating expenses and the operating expenses of commuter railroads operated by it, its subsidiary corporations or by others pursuant to joint service arrangements; repeals provisions relating to formula for proportional allocation of the operating surplus of the TBTA between the NYCTA and MTA.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2012-01-04 - referred to corporations, authorities and commissions [A05637 Detail]

Download: New_York-2011-A05637-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5637
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 24, 2011
                                      ___________
       Introduced  by  M. of A. NOLAN, MARKEY -- Multi-Sponsored by -- M. of A.
         GOTTFRIED -- read once and referred to the Committee on  Corporations,
         Authorities and Commissions
       AN  ACT  to  amend  the public authorities law, in relation to the allo-
         cation of the triborough bridge and tunnel authority operating surplus
         and to repeal certain provisions of such law relating thereto
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Paragraph  (b)  of subdivision 2 of section 1219-a of the
    2  public authorities law, as amended by section 19 of part O of chapter 61
    3  of the laws of 2000, is amended to read as follows:
    4    (b) Promptly upon the making of the  certification  of  its  operating
    5  surplus, if any, for its fiscal year ending December thirty-first, nine-
    6  teen  hundred  seventy-two  and for each of its subsequent fiscal years,
    7  triborough bridge and tunnel authority[, at the direction  of  metropol-
    8  itan  transportation  authority,]  shall  transfer  IN ITS ENTIRETY such
    9  operating surplus [(1)] to the metropolitan transportation authority for
   10  deposit into one or more funds or accounts to be used as contemplated by
   11  section twelve hundred seventy-d  of  this  article,  or  [(2)]  to  the
   12  authority  and the metropolitan transportation authority WHICH, PURSUANT
   13  TO RESOLUTION, SHALL (1) TRANSFER A PORTION OF SUCH AMOUNT  TO  THE  NEW
   14  YORK  CITY  TRANSIT  AUTHORITY  solely for application to the payment of
   15  [the] ITS expenses of operation  [.  For  purposes  of  determining  the
   16  proportional allocation of the operating surplus as between the authori-
   17  ty  and the metropolitan transportation authority, the following formula
   18  shall apply: (i) twenty-four million dollars plus fifty percentum of the
   19  balance of such operating surplus shall be allocable to  the  authority,
   20  and (ii) the remainder shall be allocable to metropolitan transportation
   21  authority on behalf], AND (2) RETAIN A PORTION OF SUCH AMOUNT FOR APPLI-
   22  CATION  TO  THE PAYMENT of the commuter railroads operated by it, by its
   23  subsidiary corporations or by others under joint arrangements.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09747-01-1
       A. 5637                             2
    1    S 2. Subdivision 3 of section 1219-a of the public authorities law  is
    2  REPEALED.
    3    S  3.  Section  553-d  of  the  public  authorities law, as amended by
    4  section 6 of part O of chapter 61 of the laws of  2000,  is  amended  to
    5  read as follows:
    6    S  553-d. Special Triborough bridge and tunnel authority special obli-
    7  gation bonds and notes. In addition to the powers contained elsewhere in
    8  this title with respect to the projects authorized  by  paragraphs  (m),
    9  (n),  (o),  (p)  and  (r)  of  subdivision  nine of section five hundred
   10  fifty-three of this title, and subject to the application of the  reven-
   11  ues  and  other  monies  and assets of the authority pursuant to section
   12  twelve hundred seventy-d of this chapter, the authority  may  issue  its
   13  bonds and notes to finance such projects payable from and secured by all
   14  or  any  part of the moneys received by the authority from the metropol-
   15  itan transportation authority special assistance fund established  under
   16  section  twelve hundred seventy-a of this chapter, provided however that
   17  such bonds and notes may also be payable from and secured by  any  other
   18  moneys,  securities  and funds designated by the authority as additional
   19  security therefor. [Debt service  on  bonds  and  notes  issued  by  the
   20  authority  pursuant  to  this  section  which is paid or reimbursed from
   21  moneys received by the authority from  the  metropolitan  transportation
   22  authority special assistance fund shall not be deemed to constitute debt
   23  service  incurred  by the authority for purposes of subdivision three of
   24  section twelve hundred nineteen-a of this chapter.] Such bonds or  notes
   25  shall be issued in the manner provided in section five hundred sixty-one
   26  of this title.
   27    S 4. This act shall take effect immediately.