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

§ 1207-i. Rates of fare while bonds, notes and other obligations are

outstanding. Notwithstanding the provisions of 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 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.