2015 New York Laws
PBA - Public Authorities
1203-B - Transfer of funds.

NY Pub Auth L § 1203-B (2015) What's This?

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.