N.Y. Public Authorities Law Section 1207-K
Purchase, financing and lease of cars and rolling stock by city

1.

Notwithstanding the provisions of any other law, the city may purchase from the authority, by negotiation and without competitive bidding, from time to time, all or any part of the cars acquired by the authority pursuant to § 1207-A (Purchase of cars by the authority and disposition thereof)section twelve hundred seven-a of this title, and to pay therefor such price or prices as shall be agreed upon by the city and the authority provided, however, that such funds paid to the authority by the city shall be used only for the reimbursement of principal and interest on the bonds and notes issued by the authority to finance the cost of such cars.

2.

Serial bonds and notes may be issued by the city, pursuant to the local finance law, to finance the cost of all cars purchased from the authority pursuant to subdivision one of this section. The maximum period of probable usefulness of such object or purpose is hereby determined to be twenty-five years.

3.

All cars purchased by the city from the authority pursuant to subdivision one of this section may be leased by the city to the authority under the then existing agreement of lease.

Source: Section 1207-K — Purchase, financing and lease of cars and rolling stock by city, https://www.­nysenate.­gov/legislation/laws/PBA/1207-K (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
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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 1207-K’s source at nysenate​.gov

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