§ 1207-J — Limitation on the exercise of powers by authority and lease renewal

§ 1207-j. Limitation on the exercise of powers by authority and lease\nrenewal. 1. The powers granted and conferred upon the authority by\nsection twelve hundred seven-a of this title to purchase cars for the\nrapid transit lines of the authority, and by section twelve hundred\nseven-b of this title to issue bonds and notes of the authority, shall\nnot be exercised by the authority unless and until the authority and the\ncity shall have entered into an agreement for the renewal and extension\nof the existing agreement of lease between the city and the authority,\ndated June first, nineteen hundred fifty-three, for a term of years. Any\nsuch renewal agreement may contain such revisions of the existing\nagreement and such additional terms and conditions, not inconsistent\nwith law, as may be approved by the city and the authority.\n 2. The city, by resolution of the board of estimate or by instruments\nauthorized by such resolution, and the authority shall be authorized to\nenter into an agreement for the renewal and extension of the existing\nagreement of lease between the city and the authority for such term of\nyears as shall be agreed upon and in any such renewal and extension\nagreement the authority may agree to such limitations upon the exercise\nof the powers conferred upon it by sections twelve hundred seven-a\nthrough twelve hundred seven-i, inclusive, as the authority in its\ndiscretion shall approve.\n