Bill Text: NY S02624 | 2019-2020 | General Assembly | Introduced

Bill Title: Provides for a 75-25 percent split in the New York city transit authority's operating surplus between the authority and the Metropolitan transit authority where previously the split was 50-50.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2019-01-28 - REFERRED TO TRANSPORTATION [S02624 Detail]

Download: New_York-2019-S02624-Introduced.html

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                    IN SENATE
                                    January 28, 2019
        Introduced  by  Sen.  LANZA  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Transportation
        AN ACT to amend the public authorities law, in relation to  the  formula
          for New York city transit authority operating surplus revenue
          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 metropolitan
     8  transportation  authority,  shall transfer such operating surplus (1) to
     9  the metropolitan transportation authority for deposit into one  or  more
    10  funds  or  accounts to be used as contemplated by section twelve hundred
    11  seventy-d of this article, or (2) to the authority and the  metropolitan
    12  transportation  authority  solely  for application to the payment of the
    13  expenses of operation. For  purposes  of  determining  the  proportional
    14  allocation  of  the  operating  surplus as between the authority and the
    15  metropolitan  transportation  authority,  the  following  formula  shall
    16  apply: (i) twenty-four million dollars plus [fifty] seventy-five percen-
    17  tum  of  the balance of such operating surplus shall be allocable to the
    18  authority, and (ii) the remainder shall  be  allocable  to  metropolitan
    19  transportation authority on behalf of the commuter railroads operated by
    20  it,  by  its  subsidiary  corporations or by others under joint arrange-
    21  ments.
    22    § 2. This act shall take effect on the sixtieth  day  after  it  shall
    23  have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.