N.Y. Public Authorities Law 1225-I – Payments to the fund
§ 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.
Terms Used In N.Y. Public Authorities Law 1225-I
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(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 § 54 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.