N.Y. Public Authorities Law Section 1267-B
Transit facilities for transit construction fund

1.

As used in this section, unless a different meaning clearly appears from the context:

a.

“City” shall mean the city of New York.

b.

“Transit construction fund act” shall mean title nine-a of article 5 (Public Utility Authorities)article five of this chapter.

c.

“Transit construction fund” shall mean the corporation created by § 1225-C (Transit construction fund)section one thousand two hundred twenty-five-c of this chapter.

d.

“Transit facility” shall mean such term as defined from time to time in § 1225-B (Definitions)section one thousand two hundred twenty-five-b of this chapter.

2.

In addition to the powers provided elsewhere in this title, and to effectuate the purposes of the transit construction fund act, the authority may:

a.

Plan, design, construct, acquire, extend, reconstruct, rehabilitate, modernize and otherwise improve transit facilities in accordance with the terms and conditions of any lease or other agreement with the transit construction fund;

b.

Occupy the streets of the city of New York, without further consent or payment, in the course of constructing and thereafter owning a transit facility which consists of a rapid transit railroad or portion thereof, provided such construction is carried out in accordance with the terms of a lease or other agreement with the transit construction fund entered into pursuant to the provisions of the transit construction fund act;

c.

Make and execute contracts, leases, subleases, and all other instruments or agreements deemed necessary or convenient;

d.

Authorize the use by the transit construction fund, either with or without compensation to the authority or any subsidiary of the agents, employees and facilities of the authority or any subsidiary;

e.

Undertake planning, design and feasibility studies in accordance with the terms and conditions of any agreement with the transit construction fund or the city; and

f.

Do any and all other things deemed necessary or convenient.

3.

All of the provisions of this title not inconsistent with the provisions of this section shall be applicable with respect to any bonds or notes of the authority issued to finance any purpose authorized under this section or the transit construction fund act, subject to the following conditions and exceptions:

a.

Payment of the principal, redemption premium, if any, and interest on such bonds and notes shall be made only from monies payable to the authority from the transit construction fund under a lease or other agreement entered into pursuant to the provisions of the transit construction fund act, and any security given by the authority for the payment of such principal, redemption premium or interest on such bonds and notes shall be limited to the monies so payable from the transit construction fund. The authority shall not grant any security interest in or otherwise encumber any transit facility leased to the transit construction fund.

b.

The provisions of § 1270 (Reserve funds and appropriations)section one thousand two hundred seventy of this chapter, relating to the creation and establishment of and appropriations and payments to certain debt service reserve funds shall be inapplicable; provided that nothing herein contained shall be deemed to prohibit the creation and establishment of one or more reserve funds for debt service as authorized by § 1269 (Notes, bonds and other obligations of the authority)section one thousand two hundred sixty-nine of this chapter;

c.

In addition to the statement required by subdivision eight of § 1269 (Notes, bonds and other obligations of the authority)section one thousand two hundred sixty-nine of this chapter, such bonds and notes shall contain on the face thereof a statement to the effect that the city shall not be liable thereon and that the same shall not be a debt of the city.

4.

Nowithstanding the provisions of any general or special law to the contrary, or of any agreement entered into in pursuance thereof relating to the repayment of any loan or advance made by the state to the authority, the authority shall not be required to repay any such loan or advance from or by reason of the issuance of (i) bonds or notes of the authority issued to finance any purpose authorized under this section or the transit construction fund act, or the proceeds realized upon such issuance, or from (ii) any other funds of the authority derived from the transit construction fund or from any other source whatever to effectuate the purposes of the transit construction fund act.

Source: Section 1267-B — Transit facilities for transit construction fund, https://www.­nysenate.­gov/legislation/laws/PBA/1267-B (updated Sep. 22, 2014; accessed Oct. 26, 2024).

1260
Short title 1261
Definitions 1262
Metropolitan commuter transportation district 1263
Metropolitan transportation authority 1264
Purposes of the authority 1264‑A
State of emergency 1265
General powers of the authority 1265‑A
Contracts 1265‑B
Metropolitan transportation authority small business mentoring program 1266
Special powers of the authority 1266‑A
Medical emergency services 1266‑B
Medical emergency services plan 1266‑C
Transit projects 1266‑D
Long Island rail road commuter’s council 1266‑E
Metro-North rail commuter council 1266‑F
Medical emergency services plan 1266‑G
Excess loss fund 1266‑H
Authority police force 1266‑I
The permanent citizens advisory committee 1266‑J
Metropolitan transportation authority pledge to customers 1266‑K
Expired fare transfer policy 1266‑L
Surveillance cameras 1266‑L*2
Light duty for employees 1266‑M
Information concerning services for human trafficking victims 1267
Acquisition and disposition of real property 1267‑A
Acquisition and disposition of real property by department of transportation 1267‑B
Transit facilities for transit construction fund 1268
Co-operation and assistance of other agencies 1268‑A
Promotion of qualified transportation fringes 1269
Notes, bonds and other obligations of the authority 1269‑A
Metropolitan transportation authority capital program review board 1269‑B
Capital program plans 1269‑C
Metropolitan transportation authority capital program review board 1269‑D
Submission of strategic operation plan 1269‑E
Financial and operational reports 1269‑F
Mission statement and measurement report 1269‑G
Requirements for certain authority contracts and related subcontracts 1270
Reserve funds and appropriations 1270‑A
Metropolitan transportation authority special assistance fund 1270‑B
Metropolitan transportation authority Dutchess, Orange and Rockland fund 1270‑C
Metropolitan transportation authority dedicated tax fund 1270‑D
Consolidated financings 1270‑E
Implementation of the Transportation Infrastructure Bond Act of 2000 1270‑F
Implementation of the rebuild and renew New York transportation bond act of two thousand five 1270‑G
Regulation of certain authority expenditures 1270‑H
Metropolitan transportation authority finance fund 1270‑I
New York city transportation assistance fund 1270‑J
Metropolitan transportation authority commercial gaming revenue fund 1271
Agreement of the state 1272
Right of state to require redemption of bonds 1273
Remedies of noteholders and bondholders 1274
Notes and bonds as legal investment 1275
Exemption from taxation 1276
Actions against the authority 1276‑A
Annual audit of authority 1276‑B
Authority budget and financial plan 1276‑C
Independent audit of authority 1276‑D
Independent audit by the legislature 1276‑E
Reporting 1276‑F
Metropolitan transportation authority transit performance metrics 1277
Station operation and maintenance 1277‑A
Transfer and receipt of surplus funds 1278
Title not affected if in part unconstitutional or ineffective 1279
Metropolitan transportation authority inspector general 1279‑A
Management advisory board 1279‑B
Transition--election to withdraw from the metropolitan commuter transportation district 1279‑C
The office of legislative and community input 1279‑D
Supplemental revenue reporting program 1279‑E
Assignment, transfer, sharing or consolidating powers, functions or activities 1279‑F
Independent forensic audit 1279‑G
Major construction review unit 1279‑H
Debarment 1279‑I
Open data reporting 1279‑L
Right to share employees
Green check means up to date. Up to date

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 1267-B’s source at nysenate​.gov

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