§ 552-A — Consolidation

§ 552-a. Consolidation. 1. (a) Triborough bridge authority, the\ncorporation created pursuant to section five hundred fifty-two of this\nchapter, as originally enacted, and the New York city parkway authority,\nthe corporation created by section two hundred seventy-seven of this\nchapter, are hereby consolidated into a single corporation to be known\nas Triborough bridge authority, which shall be a continuance of the\ncorporate existence of the authorities so consolidated.\n (b) Triborough bridge authority, the corporation as consolidated\npursuant to paragraph one-a of this section, and New York city tunnel\nauthority, the corporation created pursuant to section six hundred\ntwenty-seven of this chapter, are hereby consolidated into a single\ncorporation to be known as Triborough bridge and tunnel authority, which\nshall be a continuance of the corporate existence of the authorities so\nconsolidated.\n 2. In this section the words "original authorities" refer to\nauthorities which are consolidated pursuant to subsection one of this\nsection before their consolidation, and the words "consolidated\nauthority" refer to the single authority resulting from consolidation.\n 3. The board created by section five hundred fifty-two of this chapter\nshall be the board of the consolidated authority and all powers of the\nconsolidated authority shall be vested in and exercised by said board.\n 4. All property, rights and powers of each of the original authorities\nare hereby vested in and shall be exercised by the consolidated\nauthority, subject, however, to all pledges, covenants, agreements and\ntrusts made or created by the original authorities, respectively.\n 5. All debts, liabilities, obligations, agreements and covenants of\nthe original authorities are hereby imposed upon the consolidated\nauthority.\n 6. All bondholders and other creditors of the original authorities and\npersons having claims against or contracts with the original authorities\nof any kind or character may enforce such debts, claims and contracts\nagainst the consolidated authority in the same manner as they might have\nagainst the original authorities respectively, and the rights and\nremedies of such bondholders, creditors and persons having claims or\ncontracts shall not be limited or restricted in any manner by this\ntitle.\n 7. In continuing the functions and carrying out the contracts,\nobligations and duties of any of the original authorities, the\nconsolidated authority is hereby authorized to act in its own name or in\nthe name of the original authorities as may be convenient or advisable.\n 8. All employees of the original authorities shall become employees of\nthe consolidated authority. Nothing in this title shall affect the civil\nservice status of such employees or their rights, privileges,\nobligations or status with respect to any pension or retirement system.\n 9. The foregoing provisions of this section and of all other sections\nof this title are subject to the following limitation: that the\nconsolidated authority, after the consolidation effected by subdivision\none-b of this section, shall not apply any tolls or revenues derived\nfrom projects which before such consolidation were under control of one\nof the original authorities to the payment of bonds, or interest\nthereon, either issued, or for the issuance of which a contract has been\nmade, before such consolidation by the other of the original\nauthorities, or to the payment of any certificate of indebtedness\nissued, at any time, for unpaid interest on such bonds; but this shall\nnot limit the application of tolls or revenues from any project to the\npayment of bonds (including refunding bonds) authorized by the\nconsolidated authority after consolidation.\n