§ 1225-g. Agreement with the transportation authority.
(a)To enable\nthe fund to realize its public and governmental purpose, the fund may\nenter into agreements with the transportation authority, to which the\ntransit authority may be a party, pursuant to which the transportation\nauthority may plan, design, construct, acquire, extend, reconstruct,\nrehabilitate, modernize, or otherwise improve any transit facility, and\nthe fund may lease any such transit facility from the transportation\nauthority. The fund may apply the resources of the fund to the payment\nof rentals and other payments required from the fund by any such lease\nor other agreement and may pledge such resources as security for such\npayments to the transportation authority with respect to such leases or\nother agreem
Free access — add to your briefcase to read the full text and ask questions with AI
§ 1225-g. Agreement with the transportation authority. (a) To enable\nthe fund to realize its public and governmental purpose, the fund may\nenter into agreements with the transportation authority, to which the\ntransit authority may be a party, pursuant to which the transportation\nauthority may plan, design, construct, acquire, extend, reconstruct,\nrehabilitate, modernize, or otherwise improve any transit facility, and\nthe fund may lease any such transit facility from the transportation\nauthority. The fund may apply the resources of the fund to the payment\nof rentals and other payments required from the fund by any such lease\nor other agreement and may pledge such resources as security for such\npayments to the transportation authority with respect to such leases or\nother agreements.\n (b) To further enable the fund to realize its public and governmental\npurpose, the fund may enter into agreements with the transportation\nauthority, to which the transit authority may be a party, for planning,\ndesign and feasibility studies, provided or caused to be provided by the\ntransportation authority.\n (c) Neither the state, nor the city, nor the transit authority shall\nbe liable for any rentals or other payments payable by the fund to the\ntransportation authority pursuant to the terms of any lease or other\nagreement entered into by the fund under this title; and the city shall\nnot be required to pay for all or part of the cost of any transit\nfacility provided pursuant to this title. Any such lease or other\nagreement shall contain among its terms a statement to that effect.\n (d) A schedule of transit facilities authorized to be provided by the\nfund in accordance with the provisions of this title may be adopted as\nhereinafter provided, and the fund shall not enter into any lease or\nother agreement obligating the fund to pay money to the transportation\nauthority unless such lease or other agreement shall relate to a transit\nfacility contained in such schedule; nor unless, in the case of a\ntransit facility which consists of a rapid transit railroad or portion\nthereof, a route and general plan for such transit facility shall have\nbeen previously approved pursuant to the provisions of the rapid transit\nlaw. The mayor, city council and city board of estimate shall have the\npower to adopt, veto, and amend such schedule and the amounts stated\ntherein in the same manner provided under the city charter for capital\nprojects. Such schedule shall not be deemed a part of the city's capital\nbudget and the transit facilities contained in such schedule shall not\nbe deemed city capital projects. Such schedule shall be published\ntogether with the capital budget accompanied by a statement to this\neffect. Such schedule shall specify the maximum amount of indebtedness\nsecured by and payable from rental or other payments receivable from the\nfund which the transportation authority may incur with respect to each\ntransit facility therein set forth. The fund shall not enter into any\nlease or other agreement which provides or contemplates that the\ntransportation authority shall incur such indebtedness (i) which, for\nany such transit facility would exceed the amounts specified in such\nschedule, which amount shall not be reduced or rescinded except by\namendment and shall in no event be reduced or rescinded by the city\nafter such lease or other agreement has been executed without the\nwritten consent of the transportation authority, or (ii) which would\nbring the aggregate amount of such indebtedness of the transportation\nauthority incurred pursuant to this title to an amount in excess of two\nhundred fifty million dollars. Notwithstanding any other limitation\nherein prescribed, the mayor shall increase the amount so specified for\nany such transit facility by the amount necessary to pay judgments,\nclaims or awards including interest thereon against the transportation\nauthority arising out of work undertaken pursuant to any such agreement,\nand the mayor may increase the amount so specified by not more than\nfifteen per cent in order to meet any costs required to complete such\ntransit facility, or by any amount required to complete such transit\nfacility when the cost to complete such transit facility has increased\ndue to catastrophe. In the event that the mayor shall increase the\namount so specified for any such transit facility for any of the\nforegoing reasons, the limitation on the aggregate amount of such\nindebtedness of the transportation authority which may be outstanding at\nany one time shall be increased by the same amount. In calculating the\naggregate amount of such indebtedness of the transportation authority\nwhich may be increased pursuant to this title, there shall be excluded\nthe amount of outstanding obligations to be refunded or received from\nthe proceeds from the sale of, or to be exchanged for new obligations.\nNothing herein contained shall be construed to require the fund or the\ntransportation authority to enter into any lease or other agreement\nrelating to one or more of the transit facilities contained in such\nschedule.\n