NY Pub Auth L § 1267-B (2021)
2021 New York Laws PBA - Public Authorities Article 5 - Public Utility Authorities Title 11 - Metropolitan Commuter Transportation Authority 1267-B - Transit Facilities for Transit Construction Fund.

§  1267-b.  Transit  facilities  for transit construction fund. 1.  As   used in this section, unless a different meaning  clearly  appears  from   the context:a. "City" shall mean the city of New York.b.  "Transit construction fund act" shall mean title nine-a of article   five of this chapter.c. "Transit construction fund" shall mean the corporation  created  by   section one thousand two hundred twenty-five-c of this chapter.d.  "Transit  facility"  shall  mean such term as defined from time to   time in section one thousand two hundred twenty-five-b of this chapter.2. In addition to the powers provided elsewhere in this title, and  to   effectuate  the  purposes  of  the  transit  construction  fund act, the   authority may:a.   Plan,   design,   construct,   acquire,   extend,    reconstruct,   rehabilitate,  modernize  and  otherwise  improve  transit facilities in   accordance with the terms and conditions of any lease or other agreement   with the transit construction fund;b. Occupy the streets of the city of New York, without further consent   or payment, in the  course  of  constructing  and  thereafter  owning  a   transit  facility  which consists of a rapid transit railroad or portion   thereof, provided such construction is carried out  in  accordance  with   the  terms  of  a lease or other agreement with the transit construction   fund entered into pursuant to the provisions of the transit construction   fund act;c. Make and  execute  contracts,  leases,  subleases,  and  all  other   instruments or agreements deemed necessary or convenient;d.  Authorize the use by the transit construction fund, either with or   without compensation to the authority or any subsidiary of  the  agents,   employees and facilities of the authority or any subsidiary;e.  Undertake  planning,  design and feasibility studies in accordance   with the  terms  and  conditions  of  any  agreement  with  the  transit   construction fund or the city; andf. Do any and all other things deemed necessary or convenient.3.  All  of  the  provisions  of  this title not inconsistent with the   provisions of this section shall be applicable with respect to any bonds   or notes of the authority issued to finance any purpose authorized under   this section or the  transit  construction  fund  act,  subject  to  the   following conditions and exceptions:a.  Payment of the principal, redemption premium, if any, and interest   on such bonds and notes shall be made only from monies  payable  to  the   authority  from  the  transit  construction  fund under a lease or other   agreement entered  into  pursuant  to  the  provisions  of  the  transit   construction  fund  act, and any security given by the authority for the   payment of such principal, redemption premium or interest on such  bonds   and  notes  shall  be  limited to the monies so payable from the transit   construction fund. The authority shall not grant any  security  interest   in  or  otherwise  encumber  any  transit facility leased to the transit   construction fund.b. The provisions of section one thousand two hundred seventy of  this   chapter,   relating   to   the   creation   and   establishment  of  and   appropriations and payments to certain debt service reserve funds  shall   be  inapplicable; provided that nothing herein contained shall be deemed   to prohibit the creation and establishment of one or more reserve  funds   for  debt  service  as  authorized  by  section one thousand two hundred   sixty-nine of this chapter;c. In addition to the  statement  required  by  subdivision  eight  of   section  one thousand two hundred sixty-nine of this chapter, such bonds   and notes shall contain on the face thereof a statement  to  the  effect    that the city shall not be liable thereon and that the same shall not be   a debt of the city.4.  Nowithstanding the provisions of any general or special law to the   contrary, or of any agreement entered into in pursuance thereof relating   to the repayment of any loan  or  advance  made  by  the  state  to  the   authority, the authority shall not be required to repay any such loan or   advance  from  or by reason of the issuance of (i) bonds or notes of the   authority issued to finance any purpose authorized under this section or   the transit construction fund act, or the proceeds  realized  upon  such   issuance, or from (ii) any other funds of the authority derived from the   transit   construction  fund  or  from  any  other  source  whatever  to   effectuate the purposes of the transit construction fund act.