§ 1207-K — Purchase, financing and lease of cars and rolling stock by city

§ 1207-k. Purchase, financing and lease of cars and rolling stock by\ncity. 1. Notwithstanding the provisions of any other law, the city may\npurchase from the authority, by negotiation and without competitive\nbidding, from time to time, all or any part of the cars acquired by the\nauthority pursuant to section twelve hundred seven-a of this title, and\nto pay therefor such price or prices as shall be agreed upon by the city\nand the authority provided, however, that such funds paid to the\nauthority by the city shall be used only for the reimbursement of\nprincipal and interest on the bonds and notes issued by the authority to\nfinance the cost of such cars.\n 2. Serial bonds and notes may be issued by the city, pursuant to the\nlocal finance law, to finance the cost of all cars purchased from the\nauthority pursuant to subdivision one of this section. The maximum\nperiod of probable usefulness of such object or purpose is hereby\ndetermined to be twenty-five years.\n 3. All cars purchased by the city from the authority pursuant to\nsubdivision one of this section may be leased by the city to the\nauthority under the then existing agreement of lease.\n