2006 New York Code - Transfer Of Funds.



 
    §  1203-b.  Transfer  of  funds.  The  authority  and  its  subsidiary
  corporation,  the  Manhattan  and  Bronx   surface   transit   operating
  authority,  may  each  transfer  to  the  other  from  time to time such
  available funds as  they  may  jointly  determine  to  be  necessary  or
  desirable,  including  funds  accepted  by the authority pursuant to the
  provisions of section twelve hundred nineteen-a of this  title.  Subject
  to  the  rights  of the holders of any outstanding bonds, notes or other
  obligations of the authority, metropolitan transportation authority  and
  Triborough  bridge and tunnel authority, and to facilitate the efficient
  financial management of  the  authority,  its  subsidiary  corporations,
  metropolitan  transportation  authority and its subsidiary corporations,
  and Triborough bridge and tunnel authority (the "affiliated  entities"),
  the   authority   may,  and  shall  at  the  direction  of  metropolitan
  transportation authority, transfer revenues, subsidies and other  monies
  or  securities  to  one  or more funds or accounts of another affiliated
  entity for use by such other affiliated entity, provided at the time  of
  such   transfer  it  is  reasonably  anticipated  that  the  monies  and
  securities so  transferred  will  be  reimbursed,  repaid  or  otherwise
  provided  for  by  the  end  of  the  next  succeeding  calendar year if
  reimbursement or repayment is required by law or  by  any  agreement  to
  which  any  of the affected affiliated entities is subject. Any revenues
  of an affiliated entity  that  are  transferred  to  another  affiliated
  entity,  which  transfer  was not authorized by a provision of law other
  than this section, shall be considered to be required to  be  repaid  to
  the  affiliated  entity which was the source of such revenues by the end
  of the next succeeding calendar year following such transfer.

Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.