N.Y. Public Authorities Law Section 1205-A
Surrender of power plants


Notwithstanding any other provision of law, in the event the authority shall surrender power plants to the city in connection with the sale thereof by the city to a third party, the city shall establish a fund out of the purchase price or the installments of purchase price, from which it shall pay to the authority for a period of ten years the sum of five million dollars a year in semi-annual installments of two million five hundred thousand dollars each. The first such payment shall be made six months after the date when possession of the power plants is transferred to the purchaser of such plants. Such moneys shall be used by the authority to pay, in part, for the cost of electricity purchased by the authority for the operation of transit facilities. Notwithstanding the foregoing provisions, the city may, from time to time, at the request of the authority, prepay to the authority any and all of the remaining semi-annual installments due it as aforesaid, when the city and the authority have determined that such prepayment will serve the financial needs of the authority. In the event that said fund is not sufficient for the prepayment of any such installments, then the city may make up any insufficiency through a budgetary appropriation or may issue serial bonds and notes, pursuant to the local finance law, to finance such insufficiency. The maximum period of probable usefulness for such object or purpose is hereby determined to be three years.

Source: Section 1205-A — Surrender of power plants, https://www.­nysenate.­gov/legislation/laws/PBA/1205-A (updated Sep. 22, 2014; accessed Oct. 26, 2024).

1200
Definitions
1201
New York city transit authority
1202
Purposes of the authority
1203
Transfer of transit facilities by the city to the authority
1203‑A
Subsidiary corporation
1203‑B
Transfer of funds
1204
General powers of the authority
1204‑A
Rapid transit noise code
1204‑C
Receipt of line of duty pay
1204‑D
Special powers of the authority
1204‑E
New York city transit authority advisory council
1204‑F
Subway track safety
1205
Rates of fare and levels of service
1205‑A
Surrender of power plants
1206
Omnibus operations
1206‑A
Transit construction fund
1207
Notes and equipment trusts
1207‑A
Purchase of cars by the authority and disposition thereof
1207‑B
Issuance of bonds and notes by the authority
1207‑C
Required redemption of bonds
1207‑D
Agreement of the state
1207‑E
State and city not liable on bonds or notes
1207‑F
Bonds and notes legal investments for fiduciaries
1207‑G
Exemptions from taxation
1207‑H
Remedies of bondholders and noteholders
1207‑I
Rates of fare while bonds, notes and other obligations are outstanding
1207‑J
Limitation on the exercise of powers by authority and lease renewal
1207‑K
Purchase, financing and lease of cars and rolling stock by city
1207‑L
Inconsistent provisions of other acts superseded
1207‑M
Transit projects
1208
Revenue and accounts
1209
Contracts
1209‑A
Transit adjudication bureau
1210
Employees
1210‑A
Flexible benefits program
1211
Members and employees not to be interested in contracts
1212
Actions against the authority
1212‑A
Security by authority
1213
Report
1214
Rapid transit law
1215
Construction of terms
1216
Exemption from taxation and fees
1217
Records
1218
Pending actions and proceedings
1219
Continuity of jurisdiction
1219‑A
Transfer and receipt of surplus funds
1220
Separability
1221
Inconsistent provisions in other acts superseded

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 1205-A’s source at nysenate​.gov

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