N.Y. Public Authorities Law Section 1207-I
Rates of fare while bonds, notes and other obligations are outstanding


Notwithstanding the provisions of § 1205 (Rates of fare and levels of service)section twelve hundred five of this title or the provisions of any other law to the contrary, so long as the authority shall have outstanding and unpaid bonds, notes or other obligations issued pursuant to § 1207-B (Issuance of bonds and notes by the authority)section twelve hundred seven-b of this title, or the metropolitan transportation authority or Triborough bridge and tunnel authority shall have outstanding and unpaid bonds, notes or other obligations secured by or payable from, in whole or in part, the revenues, assets or other monies of the authority or its subsidiary corporations, the authority shall have the power at all times to fix or adjust the rate or rates of fare to be charged for the use of any transit facility operated by the authority as may, in the judgment of the board, be necessary to produce sufficient revenues to pay, as the same shall become due, the principal of and interest on such bonds, notes and other obligations of the authority, metropolitan transportation authority and Triborough bridge and tunnel authority, together with the maintenance of proper reserves therefor, in addition to paying as the same shall become due the expenses of operation of the authority. The authority, metropolitan transportation authority and Triborough bridge and tunnel authority, shall be authorized to contract with the holders of such bonds notes and other obligations with respect to the exercise of the power authorized by this section. In furtherance of the mandate of the metropolitan transportation authority to develop and implement a unified mass transportation policy for the metropolitan commuter transportation district and the exercise of its powers, including the power to issue notes, bonds and other obligations secured in whole or in part by the revenues of the authority and its subsidiaries, metropolitan transportation authority and its subsidiaries, and the Triborough bridge and tunnel authority, the authority shall join with the metropolitan transportation authority in connection with the establishment, levy and collection of fares, tolls, rentals, rates, charges and other fees for the transportation of passengers on any transit facilities operated by authority and its subsidiaries, including any changes thereto.

Source: Section 1207-I — Rates of fare while bonds, notes and other obligations are outstanding, https://www.­nysenate.­gov/legislation/laws/PBA/1207-I (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-I’s source at nysenate​.gov

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