* § 99-w. Transit assistance for capital investments fund. 1. There is hereby established in the joint custody of the state comptroller and the commissioner of taxation and finance a special capital fund to be known as the "transit assistance for capital investments fund."

2. The comptroller shall establish the following separate and distinct account within the transit assistance for capital investments fund:

Metropolitan transit assistance for capital investments account

3. The transit assistance for capital investments fund shall consist of all moneys collected therefor or credited or transferred thereto from any other fund, account or source. Any interest received by the comptroller on moneys on deposit in the transit assistance for capital investments fund shall be retained in and become a part of such fund.

4. Moneys in the transit assistance for capital investments fund shall, following appropriation by the legislature, be utilized for capital purposes, including, but not limited to the planning and design, acquisition, construction, reconstruction, replacement, improvement, reconditioning, rehabilitation and preservation of mass transit facilities, vehicles, related equipment and rolling stock with an average service life of no less than five years.

5. Moneys deposited into the metropolitan transit assistance for capital investments account shall be available to the metropolitan transportation authority (MTA) and to all other public transportation systems serving primarily within the metropolitan commuter transportation district, as defined in section twelve hundred sixty-two of the public authorities law, eligible to receive operating assistance under the provisions of section eighteen-b of the transportation law consistent with the uses outlined in subdivision four of this section.

6. Notwithstanding any other provision of law, no capital assistance payment authorized under this section may be applied to operating expenses.

7. All payments of money from the transit assistance for capital investments fund shall be made in accordance with a formula to be established by the commissioner of transportation with the approval of the director of the budget.

8. All payments of moneys from the transit assistance for capital investments fund shall be made on the audit and warrant of the comptroller.

* NB There are 2 § 99-w's