➤ What the bill does: Directs MNYHTA to distribute money from the MNYM Fund, each year, in the following priority:
- To TBTA, the amount necessary to make up for reduction in tolls on the 7 MTA bridges. Make-up payments are to be calculated and paid quarterly.
- To NYC-DOT, the amortized cost of toll collection equipment, as well as maintenance and toll administration costs
- To NYC-DOT, up to $300 million for actual and verifiable costs of maintaining the East River Bridges
- To MTA, $487 million, which MTA can use to borrow up to $7.3 billion to fund the 2015-19 Capital Plan
- To NYC-DOT, $75 million plus any money in category 3 not needed for the East River Bridges, to be used for miscellaneous road and bridge maintenance and improvements
- To MTA, $121 million to fund improved transit access throughout the 5 NYC boroughs (Subtopic 4)
- To MTA $300 million, which is to be bonded to create a new $4.566 billion "transit gap investment fund" focused on the 5 boroughs (Subtopic 2 )
- To MTA, $47 million, which is to be bonded to create a $700 million "suburban transit capital projects fund" focused on Nassau, Suffolk, Rockland, Orange, Westchester, Putnam and Duchess counties (Subtopic 3)
- Any remaining money is to be distributed 75% to MTA and 25% to NYC-DOT, to be used for capital projects only.
Read the legislative language: P.A.L. § 97-pppp(5).
➤ Rationale: The first priority for MNYM Fund disbursements is replacing revenue lost from reducing tolls on the 7 MTA bridges, because the original tolls were part of the revenue stream against which MTA has borrowed money. Next, the costs of installing and operating the new tolling equipment are to be covered.
Then, a total of $375 million will be directed to roads and bridges maintained by NYC-DOT (categories 3 and 5). The East River Bridges get priority, based on NYC-DOT's estimates of necessary maintenance over a 10-year time horizon. Beyond that, money is made available to address the large percentage of City roadways in poor to fair condition (PDF pp. 8, 12-17).
Next, MTA receives an amount sufficient to bond up to $7.3 billion for additional funding of its 5-year capital plan. Then, $121 million is allocated to fund various measures that can be taken quickly to make public transit more affordable and available for commuters who now have limited transit alternatives. (For specifics, see Subtopic 4). The next priorities are revenue sufficient to establish two new bonded funds: one will address transit gaps and fund locally-supported transportation projects in each of the five NYC boroughs (For specifics, see Subtopic 2), while the other will support suburban transit improvements. (For specifics, see Subtopic 3).
All money in the MNYM Fund is to be paid out each year, with MTA (75%) and NYC-DOT (25%) splitting anything left after the listed payments. Total revenue from the new tolls and surcharges (net of TBTA toll revenue replacement and toll collection costs) is estimated to be $1.35 billion a year.