§ 1207-I — Rates of fare while bonds, notes and other obligations are outstanding

New York § 1207-I

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 9: New York City Transit Authority
• Art. 5: Public Utility Authorities

Text

§ 1207-i. Rates of fare while bonds, notes and other obligations are\noutstanding. Notwithstanding the provisions of section twelve hundred\nfive of this title or the provisions of any other law to the contrary,\nso long as the authority shall have outstanding and unpaid bonds, notes\nor other obligations issued pursuant to section twelve hundred seven-b\nof this title, or the metropolitan transportation authority or\nTriborough bridge and tunnel authority shall have outstanding and unpaid\nbonds, notes or other obligations secured by or payable from, in whole\nor in part, the revenues, assets or other monies of the authority or its\nsubsidiary corporations, the authority shall have the power at all times\nto fix or adjust the rate or rates of fare to be charged for the use of\nany transit facility operated by the authority as may, in the judgment\nof the board, be necessary to produce sufficient revenues to pay, as the\nsame shall become due, the principal of and interest on such bonds,\nnotes and other obligations of the authority, metropolitan\ntransportation authority and Triborough bridge and tunnel authority,\ntogether with the maintenance of proper reserves therefor, in addition\nto paying as the same shall become due the expenses of operation of the\nauthority. The authority, metropolitan transportation authority and\nTriborough bridge and tunnel authority, shall be authorized to contract\nwith the holders of such bonds notes and other obligations with respect\nto the exercise of the power authorized by this section. In furtherance\nof the mandate of the metropolitan transportation authority to develop\nand implement a unified mass transportation policy for the metropolitan\ncommuter transportation district and the exercise of its powers,\nincluding the power to issue notes, bonds and other obligations secured\nin whole or in part by the revenues of the authority and its\nsubsidiaries, metropolitan transportation authority and its\nsubsidiaries, and the Triborough bridge and tunnel authority, the\nauthority shall join with the metropolitan transportation authority in\nconnection with the establishment, levy and collection of fares, tolls,\nrentals, rates, charges and other fees for the transportation of\npassengers on any transit facilities operated by authority and its\nsubsidiaries, including any changes thereto.\n