N.Y. Public Authorities Law 3037-A – Funding capital projects
* § 3037-a. Funding capital projects. The amounts paid to the city for purposes set forth in subparagraph (b) of section three thousand thirty-seven of this title, in addition to all other authorized amounts, shall include amounts required by the city (i) to fund eight hundred sixty-five million dollars of capital commitments to the New York city transit authority in accordance with the following schedule for the fiscal years ending on June thirtieth in the following years: nineteen hundred ninety, seventy million dollars; nineteen hundred ninety-one, seventy million dollars; nineteen hundred ninety-two, seventy-five million dollars; nineteen hundred ninety-three, one hundred million dollars; nineteen hundred ninety-four, one hundred ten million dollars; and nineteen hundred ninety-five, four hundred forty million dollars; and (ii) to fund six hundred million dollars of capital commitments to the New York city school construction authority in eight equal annual installments of seventy-five million dollars beginning in the fiscal year ending on June thirtieth, nineteen hundred ninety. All such amounts shall be paid by the corporation to the city in accordance with the provisions of paragraph (d) of subdivision three of section three thousand thirty-three of this title.
Terms Used In N.Y. Public Authorities Law 3037-A
- City: means the city of New York. See N.Y. Public Authorities Law 3032
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the corporate governmental agency created by section three thousand thirty-three of this chapter. See N.Y. Public Authorities Law 3032
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
* NB The corporation shall continue for a term ending the later of July 1, 2008 or one year after its liabilities have been fully paid and discharged per § 3033 sub 1.