New York Laws
Title 9 - New York City Transit Authority
1219-A - Transfer and Receipt of Surplus Funds.

(a) If the city shall have provided in its capital budget for its
fiscal year beginning July first, nineteen hundred sixty-eight the
amount of one hundred million dollars, or such lesser amount as shall
have been requested by the authority for inclusion in such budget, for
the payment of the capital cost of projects requested by the authority
pursuant to section twelve hundred three of this title, then upon the
written request of the mayor made within thirty days after the
commencement of such fiscal year, triborough bridge and tunnel authority
shall transfer to the authority, by lump sum payment or installments at
such time or times and in such amounts as the mayor shall elect, all or
such part of the surplus funds of triborough bridge and tunnel authority
on hand as of the last day of its last fiscal year ending prior to such
request as the mayor shall specify, which funds shall be applied by the
authority solely to the payment of its expenses of operation. If the
city shall have provided in its capital budget for any of its next four
fiscal years, commencing with the fiscal year beginning July first,
nineteen hundred sixty-nine, the amount of one hundred million dollars,
or such lesser amount as shall have been requested by the authority for
inclusion in such budget, for the payment of the capital cost of
projects requested by the authority pursuant to section twelve hundred
three of this title, then upon the written request of the mayor made
within thirty days after the commencement of such fiscal year,
triborough bridge and tunnel authority shall transfer to the authority
solely for application to the payment of expenses of operation of the
authority the operating surplus of triborough bridge and tunnel
authority for its last fiscal year ending prior to such request, which
transfer shall also be by lump sum payment or installments at such time
or times and in such amounts as the mayor shall elect. Projects shall be
eligible for inclusion in a computation made hereunder only if included
in a capital budget on the first day of the fiscal year for which it is
adopted. A carry-over project shall not be eligible for inclusion unless
it was first included in a capital budget by way of an amendment
thereto, in which event it shall be eligible for inclusion in a
computation made hereunder with respect to the first fiscal year of the
city commencing after the adoption of the amendment.
(b) Promptly upon the making of the certification of its operating
surplus, if any, for its fiscal year ending December thirty-first,
nineteen hundred seventy-two and for each of its subsequent fiscal
years, triborough bridge and tunnel authority, at the direction of
metropolitan transportation authority, shall transfer such operating
surplus (1) to the metropolitan transportation authority for deposit
into one or more funds or accounts to be used as contemplated by section
twelve hundred seventy-d of this article, or (2) to the authority and
the metropolitan transportation authority solely for application to the
payment of the expenses of operation. For purposes of determining the
proportional allocation of the operating surplus as between the
authority and the metropolitan transportation authority, the following
formula shall apply: (i) twenty-four million dollars plus fifty
percentum of the balance of such operating surplus shall be allocable to

the authority, and (ii) the remainder shall be allocable to metropolitan
transportation authority on behalf of the commuter railroads operated by
it, by its subsidiary corporations or by others under joint
arrangements.
(c) Triborough bridge and tunnel authority is authorized, at the
direction of the metropolitan transportation authority, from time to
time to make advances from available funds on account of the operating
surplus it anticipates will or may be certified and transferred as
provided in this subdivision to (1) the metropolitan transportation
authority for deposit into one or more funds or accounts to be used as
contemplated by section twelve hundred seventy-d of this article, or (2)
the authority and the metropolitan transportation authority solely for
application to the payment of the expenses of operation. In the event
that advances so made in respect of any fiscal year including the year
in which the surpluses are being earned exceed the amounts required to
be transferred to the authority and metropolitan transportation
authority pursuant to the provisions of this subdivision, then the
amount of any such excess shall be refunded to triborough bridge and
tunnel authority by the authority or metropolitan transportation
authority, as the case may be, within thirty days of the making by
triborough bridge and tunnel authority of its certification of operating
surplus for such fiscal year.
(d) For the purposes of this subdivision, the existence and the amount
of surplus funds and operating surplus of triborough bridge and tunnel
authority shall be determined in accordance with the provisions of
subdivision twelve of section five hundred fifty-three of this chapter.
(e) Triborough bridge and tunnel authority shall certify to the mayor
and to the chairman of metropolitan transportation authority within
ninety days after the end of its fiscal year ending December
thirty-first, nineteen hundred sixty-seven, and within forty-five days
after the end of each of its subsequent fiscal years, the amount of its
operating surplus for that year and, in the case of the fiscal year
ending December thirty-first, nineteen hundred sixty-seven, the amount
of all of its surplus funds on hand as of the last day of such fiscal
year.
(f) No transfer of funds shall be made to the authority pursuant to
any provision of this section at any time when there shall have been
pending and not acted upon by the mayor for ninety days any request of
the authority for permission to expend or contract to expend funds for a
project included in a capital budget for transit facility purposes.
There shall be excluded from such ninety-day period any time during
which the mayor is prevented from acting by order of court or by
operation of law.
3. Notwithstanding the preceding subdivisions of this section, for
purposes of determining the proportional allocation of the operating
surplus of the Triborough bridge and tunnel authority between the
authority and the metropolitan transportation authority the following
formula shall be used: An amount equal to the debt service incurred in
such year as a result of the bonds issued to provide facilities pursuant
to paragraphs (m), (n), (o), (p) and (r) of subdivision nine of section
five hundred fifty-three of this chapter shall be added to the operating
surplus of the Triborough bridge and tunnel authority, as certified by
that authority. The sum of these figures shall then be allocated to the
authority and the commuter railroads operated by metropolitan
transportation authority or by its subsidiary corporations, pursuant to
the formula contained in paragraph (b) of subdivision two of this
section as if this amount were the operating surplus of the Triborough
bridge and tunnel authority. The amounts so allocated to the authority

and the commuter railroads operated by metropolitan transportation
authority or by its subsidiary corporations, shall then be reduced
respectively by the proportional amount of the debt service, incurred in
such year by the Triborough bridge and tunnel authority pursuant to
paragraphs (m), (n), (o), (p) and (r) of subdivision nine of section
five hundred fifty-three of this chapter, reasonably attributable to the
payments for transit projects undertaken for the authority and its
subsidiaries and transportation facility projects undertaken for the
commuter railroads operated by the metropolitan transportation authority
or by its subsidiary corporations. The remaining amounts shall
constitute the respective allocation of operating surplus for the
authority and the commuter railroads operated by the metropolitan
transportation authority or by its subsidiary corporations.

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