1. The authority shall create and establish a fund to be known as the “metropolitan
transportation authority Dutchess, Orange and Rockland fund” which shall be kept separate
from and shall not be commingled with any other moneys of the authority. The Dutchess, Orange and Rockland fund shall consist of three separate accounts:
(i) the “Dutchess account”; (ii) the “Orange account”; and (iii) the “Rockland
3. Moneys in the Dutchess account, the Orange account, and the Rockland account shall
on a quarterly basis be (i) paid to the counties of Dutchess, Orange and Rockland,
respectively, for the purposes of providing mass transportation operating assistance,
including debt service on bonds or notes issued for such purposes, or for providing
the following types of capital projects within such county: capacity and infrastructure
improvements to state, county, town, city, village roads, highways, parkways or bridges;
or state, county, town, city, village mass transportation projects; or (ii) transferred
to the suburban transportation fund pursuant to a resolution, which is irrevocable
during the term of any outstanding bonds or notes issued, adopted by the county legislature
of Dutchess county, the county legislature of Orange county or the county legislature
of Rockland county directing the authority to make all such future transfers of funds
from its respective account to the suburban transportation fund. The first quarterly payment or transfer shall occur during the quarter beginning
January first, nineteen hundred eighty-nine.
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