2023 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chapter, as originally enacted, and the New York city parkway authority,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.