NY Pub Auth L § 552-A (2021)
2021 New York Laws PBA - Public Authorities Article 3 - Bridge and Tunnel Authorities Title 3 - Triborough Bridge Authority 552-A - Consolidation.

§  552-a.  Consolidation.  1.  (a)  Triborough  bridge  authority, the corporation created pursuant to section five hundred fifty-two  of  this chapter, as originally enacted, and the New York city parkway authority, the  corporation  created  by  section two hundred seventy-seven of this chapter, are hereby consolidated into a single corporation to  be  known as  Triborough  bridge  authority,  which  shall be a continuance of the corporate existence of the authorities so consolidated.  (b) Triborough  bridge  authority,  the  corporation  as  consolidated pursuant  to  paragraph  one-a of this section, and New York city tunnel authority, the corporation  created  pursuant  to  section  six  hundred twenty-seven  of  this  chapter,  are  hereby consolidated into a single corporation to be known as Triborough bridge and tunnel authority, which shall be a continuance of the corporate existence of the authorities  so consolidated.   2.   In  this  section  the  words  "original  authorities"  refer  to authorities which are consolidated pursuant to subsection  one  of  this section   before   their  consolidation,  and  the  words  "consolidated authority" refer to the single authority resulting from consolidation.   3. The board created by section five hundred fifty-two of this chapter shall be the board of the consolidated authority and all powers  of  the consolidated authority shall be vested in and exercised by said board.   4. All property, rights and powers of each of the original authorities are  hereby  vested  in  and  shall  be  exercised  by  the consolidated authority, subject, however, to all pledges, covenants,  agreements  and trusts made or created by the original authorities, respectively.   5.  All  debts,  liabilities, obligations, agreements and covenants of the original  authorities  are  hereby  imposed  upon  the  consolidated authority.   6. All bondholders and other creditors of the original authorities and persons having claims against or contracts with the original authorities of  any  kind  or character may enforce such debts, claims and contracts against the consolidated authority in the same manner as they might have against the  original  authorities  respectively,  and  the  rights  and remedies  of  such  bondholders,  creditors and persons having claims or contracts shall not be limited or  restricted  in  any  manner  by  this title.   7.  In  continuing  the  functions  and  carrying  out  the contracts, obligations  and  duties  of  any  of  the  original  authorities,   the consolidated authority is hereby authorized to act in its own name or in the name of the original authorities as may be convenient or advisable.   8. All employees of the original authorities shall become employees of the consolidated authority. Nothing in this title shall affect the civil service   status   of   such  employees  or  their  rights,  privileges, obligations or status with respect to any pension or retirement system.   9. The foregoing provisions of this section and of all other  sections of  this  title  are  subject  to  the  following  limitation:  that the consolidated authority, after the consolidation effected by  subdivision one-b  of  this  section,  shall not apply any tolls or revenues derived from projects which before such consolidation were under control of  one of  the  original  authorities  to  the  payment  of  bonds, or interest thereon, either issued, or for the issuance of which a contract has been made,  before  such  consolidation  by  the  other   of   the   original authorities,  or  to  the  payment  of  any  certificate of indebtedness issued, at any time, for unpaid interest on such bonds; but  this  shall not  limit  the application of tolls or revenues from any project to the payment  of  bonds  (including  refunding  bonds)  authorized   by   the consolidated authority after consolidation.