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 Apr. 27, 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
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Accessed:
Apr. 27, 2024

Last modified:
Sep. 22, 2014

§ 1205-A’s source at nysenate​.gov

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