N.Y. Public Authorities Law Section 1207-A
Purchase of cars by the authority and disposition thereof


1.

Notwithstanding the provisions of sections twelve hundred through twelve hundred twenty-one, inclusive, of this title or of any other provisions of law to the contrary, but subject to the provisions of § 1207-J (Limitation on the exercise of powers by authority and lease renewal)section twelve hundred seven-j of this title, the authority shall have power to purchase no more than seven hundred twenty-four cars for the rapid transit lines under the jurisdiction of the authority and to finance the purchase price thereof by the issuance of bonds and notes of the authority in accordance with the provisions of § 1207-B (Issuance of bonds and notes by the authority)section twelve hundred seven-b of this title. Any purchase contract for the purchase of such cars shall be made by the authority only upon public letting founded on sealed bids in accordance with the requirements of subdivision two of § 1209 (Contracts)section twelve hundred nine of this title.

2.

Title to all cars purchased by the authority pursuant to subdivision one of this section shall vest in the authority; provided, that, subject to such agreements with the holders of bonds and notes of the authority as may then exist, the authority may from time to time sell at negotiated sale and transfer to the city, for such consideration as the authority shall determine and approve, any or all of such cars so purchased by the authority as provided in section twelve hundred seven-k.

Source: Section 1207-A — Purchase of cars by the authority and disposition thereof, https://www.­nysenate.­gov/legislation/laws/PBA/1207-A (updated Sep. 22, 2014; accessed Jun. 15, 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:
Jun. 15, 2024

Last modified:
Sep. 22, 2014

§ 1207-A’s source at nysenate​.gov

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