§ 553-A — Additional powers in relation to Brooklyn Richmond project

New York § 553-A

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 3: Triborough Bridge Authority
• Art. 3: Bridge and Tunnel Authorities

Text

§ 553-a. Additional powers in relation to Brooklyn Richmond project.\n1. If and when the Port of New York authority (herein called the "port\nauthority") is authorized to make agreements with the authority relating\nto the construction, ownership, maintenance and operation of the\nBrooklyn Richmond project as a bridge (herein sometimes collectively\nreferred to as the "Narrows bridge project") and to acquire land,\neasements and rights in land necessary or convenient therefor, the\nauthority shall have power, in its discretion and subject to and in\naccordance with all contract provisions with respect to any bonds and\nthe rights of the holders of bonds to make such agreements with the port\nauthority on such terms and conditions and with such payments and\nconsiderations as the authority and the port authority shall deem in the\npublic interest, as to any one or more of the following:\n (a) the acquisition of such land, easements and rights in land for,\nand the design, construction and financing of, the Narrows bridge\nproject by the port authority, including the payment therefor by the\nauthority and the transfer of title thereto and the right of possession\nand use thereof, provided, however, that the agreement shall contain\nprovisions as to the land, easements and rights in land to be acquired,\nand that such provisions of such agreement shall be subject to the\napproval of the mayor of the city, and provided further that such\nagreement shall provide that no other land, easements or rights in land\nwill be acquired for Narrows bridge purposes by the port authority.\n (b) the construction, with the consent of the city, either by the\nauthority or the port authority, of new parks, parkways, highways, or\nimprovements to existing parks, parkways or highways, either connecting\ndirectly or indirectly with the Narrows bridge project, for the purpose\nof attracting or facilitating traffic or improving approaches to and\nconnections with such project, and the acquisition of land, easements\nand rights in land therefor,\n (c) leasing the Narrows bridge project, in whole or in part, by the\nauthority from the port authority and the payment by the authority of\nrents or other payments therefor, and for the operation, maintenance,\nconstruction and reconstruction thereof by the authority pursuant to and\nto the extent provided by the terms of such agreement for leasing,\n (d) charging and fixing tolls, fees and rentals for the use of such\nproject, sufficient to provide for the payment by the authority of the\ncosts of construction, maintenance and operation thereof and all rents\nand other payments under any such agreement for leasing, for the payment\nof the principal of and interest on any bonds or other obligations to be\nissued by the authority to pay the cost of such project and all other\npayments to be made by the authority including reserves and sinking\nfunds therefor, in accordance with any such agreement for leasing or\nother agreement made between the port authority and the authority in\nconnection with such project,\n (e) securing the payment of rents and other payments under any such\nagreement for leasing, or other agreement made between the port\nauthority and the authority in connection with such project, by pledging\nsuch tolls, fees, rentals and revenues of such project and providing for\nthe use and disposition of such tolls, fees, rentals and revenues, and\nfor the setting aside of reserves or sinking funds and the regulation\nand disposition thereof, and, subject to and in accordance with all\ncontract provisions with respect to any bonds, by pledging for such\nsecurity tolls, fees, rentals and revenues of any or all of the\nprojects,\n (f) limiting the construction by the authority of vehicular crossings\nbetween Brooklyn and Richmond,\n (g) acquiring from the port authority all or any part of the right,\ntitle and interest of the port authority in such project and the lands,\neasements and rights in land acquired for such project by the port\nauthority,\n (h) defining events of default under such agreement, fixing periods of\ngrace and providing rights and remedies of the parties in case of\ndefault thereunder including the right to terminate and fix the terms\nand conditions for the termination of the same, and\n (i) any other matters of like or different character for the\nprotection of the interest of the port authority or the authority or the\nrespective holders of bonds thereof or the public with respect to the\nacquisition, construction, reconstruction, improvement, operation or\nmaintenance of the Narrows bridge project.\n 2. The authority shall have power to do any acts or things, transfer\nsuch rights or interests and execute and deliver such papers as the\nauthority may deem necessary or desirable to carry out any of the\nforegoing.\n 3. The authority, so long as its corporate existence shall continue,\nshall have power to operate, maintain, construct, improve and\nreconstruct the Narrows bridge project and to exercise all of the powers\nherein granted to the authority with respect to the Narrows bridge\nproject in connection with any agreements between the port authority and\nthe authority or otherwise, and subject to any such agreements shall\nhave the use and occupancy of any lands, easements or rights in land\nacquired in the name of the city for such project. The powers conferred\nin this section shall be in addition to and shall not limit the other\npowers conferred in this title.\n