§ 1267-B — Transit facilities for transit construction fund

New York § 1267-B

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 11: Metropolitan Commuter Transportation Authority
• Art. 5: Public Utility Authorities

Text

§ 1267-b. Transit facilities for transit construction fund. 1. As\nused in this section, unless a different meaning clearly appears from\nthe context:\n a. "City" shall mean the city of New York.\n b. "Transit construction fund act" shall mean title nine-a of article\nfive of this chapter.\n c. "Transit construction fund" shall mean the corporation created by\nsection one thousand two hundred twenty-five-c of this chapter.\n d. "Transit facility" shall mean such term as defined from time to\ntime in section one thousand two hundred twenty-five-b of this chapter.\n 2. In addition to the powers provided elsewhere in this title, and to\neffectuate the purposes of the transit construction fund act, the\nauthority may:\n a. Plan, design, construct, acquire, extend, reconstruct,\nrehabilitate, modernize and otherwise improve transit facilities in\naccordance with the terms and conditions of any lease or other agreement\nwith the transit construction fund;\n b. Occupy the streets of the city of New York, without further consent\nor payment, in the course of constructing and thereafter owning a\ntransit facility which consists of a rapid transit railroad or portion\nthereof, provided such construction is carried out in accordance with\nthe terms of a lease or other agreement with the transit construction\nfund entered into pursuant to the provisions of the transit construction\nfund act;\n c. Make and execute contracts, leases, subleases, and all other\ninstruments or agreements deemed necessary or convenient;\n d. Authorize the use by the transit construction fund, either with or\nwithout compensation to the authority or any subsidiary of the agents,\nemployees and facilities of the authority or any subsidiary;\n e. Undertake planning, design and feasibility studies in accordance\nwith the terms and conditions of any agreement with the transit\nconstruction fund or the city; and\n f. Do any and all other things deemed necessary or convenient.\n 3. All of the provisions of this title not inconsistent with the\nprovisions of this section shall be applicable with respect to any bonds\nor notes of the authority issued to finance any purpose authorized under\nthis section or the transit construction fund act, subject to the\nfollowing conditions and exceptions:\n a. Payment of the principal, redemption premium, if any, and interest\non such bonds and notes shall be made only from monies payable to the\nauthority from the transit construction fund under a lease or other\nagreement entered into pursuant to the provisions of the transit\nconstruction fund act, and any security given by the authority for the\npayment of such principal, redemption premium or interest on such bonds\nand notes shall be limited to the monies so payable from the transit\nconstruction fund. The authority shall not grant any security interest\nin or otherwise encumber any transit facility leased to the transit\nconstruction fund.\n b. The provisions of section one thousand two hundred seventy of this\nchapter, relating to the creation and establishment of and\nappropriations and payments to certain debt service reserve funds shall\nbe inapplicable; provided that nothing herein contained shall be deemed\nto prohibit the creation and establishment of one or more reserve funds\nfor debt service as authorized by section one thousand two hundred\nsixty-nine of this chapter;\n c. In addition to the statement required by subdivision eight of\nsection one thousand two hundred sixty-nine of this chapter, such bonds\nand notes shall contain on the face thereof a statement to the effect\nthat the city shall not be liable thereon and that the same shall not be\na debt of the city.\n 4. Nowithstanding the provisions of any general or special law to the\ncontrary, or of any agreement entered into in pursuance thereof relating\nto the repayment of any loan or advance made by the state to the\nauthority, the authority shall not be required to repay any such loan or\nadvance from or by reason of the issuance of (i) bonds or notes of the\nauthority issued to finance any purpose authorized under this section or\nthe transit construction fund act, or the proceeds realized upon such\nissuance, or from (ii) any other funds of the authority derived from the\ntransit construction fund or from any other source whatever to\neffectuate the purposes of the transit construction fund act.\n