§ 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 therefor or
credited or transferred thereto from any other fund, account or source.
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 moneys
credited or transferred thereto from any 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 from any monies described in paragraph (a) of
this subdivision during the two thousand eighteen--two thousand nineteen
fiscal year and shall be effective in that fiscal year. The other such
appropriation shall be equal to the amounts expected to be available
from any monies described in paragraph (a) of this subdivision during
the two thousand nineteen--two thousand twenty fiscal year and shall,
notwithstanding the provisions of section forty of this chapter, take
effect on the first day of the two thousand nineteen--two thousand
twenty 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 eighteen--two thousand nineteen
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 from any
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 from any 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 moneys credited or transferred thereto from any other
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.