Bill Text: NY A10001 | 2011-2012 | 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. [Track Bill]
Status: 2012-05-15 - reported referred to ways and means [A10001 Detail]
Download: New_York-2011-A10001-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
10001
I N A S S E M B L Y
May 1, 2012
___________
Introduced by M. of A. BRENNAN, TOBACCO -- read once and referred to the
Committee on Corporations, Authorities and Commissions
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 S 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.
LBD08860-01-1
