§ 1207-A — Purchase of cars by the authority and disposition thereof

§ 1207-a. Purchase of cars by the authority and disposition thereof.\n1. Notwithstanding the provisions of sections twelve hundred through\ntwelve hundred twenty-one, inclusive, of this title or of any other\nprovisions of law to the contrary, but subject to the provisions of\nsection twelve hundred seven-j of this title, the authority shall have\npower to purchase no more than seven hundred twenty-four cars for the\nrapid transit lines under the jurisdiction of the authority and to\nfinance the purchase price thereof by the issuance of bonds and notes of\nthe authority in accordance with the provisions of section twelve\nhundred seven-b of this title. Any purchase contract for the purchase of\nsuch cars shall be made by the authority only upon public letting\nfounded on sealed bids in accordance with the requirements of\nsubdivision two of section twelve hundred nine of this title.\n 2. Title to all cars purchased by the authority pursuant to\nsubdivision one of this section shall vest in the authority; provided,\nthat, subject to such agreements with the holders of bonds and notes of\nthe authority as may then exist, the authority may from time to time\nsell at negotiated sale and transfer to the city, for such consideration\nas the authority shall determine and approve, any or all of such cars so\npurchased by the authority as provided in section twelve hundred\nseven-k.\n