§ 1225-J — Federal, state and other aid

New York § 1225-J

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 9-A: Transit Construction Fund
• Art. 5: Public Utility Authorities

Text

§ 1225-j. Federal, state and other aid. Subject to the provisions of\nchapter ten hundred seventy-three of the laws of nineteen hundred\nsixty-nine as amended by a chapter of the laws of nineteen hundred\nseventy-two, in the event that the transportation authority receives\nstate or federal or other aid for a transit facility which defrays or\nreimburses expenditures paid for by the city or the fund or made out of\nthe proceeds of bonds or notes of the transportation authority secured\nby and payable from rental or other payments receivable from the fund,\nthe transportation authority shall forthwith pay over to the city the\nentire amount of such aid unless a lease or other agreement between the\nfund and the transportation authority shall provide otherwise.\n For the purposes of any law conditioning the receipt of state aid for\na transit facility on the appropriation, payment or expenditures by the\ncity of a local share of the cost of such transit facility, the proceeds\nof bonds or notes issued by the transportation authority and secured by\nand payable from a pledge of payments or rentals receivable from the\nfund pursuant to any lease or other agreement between the fund and the\ntransportation authority shall be counted toward the fulfillment of such\nlocal share.\n