N.Y. Public Authorities Law § 552-a: Consolidation

§ 552-a. Consolidation. 1. (a) Triborough bridge authority, the

corporation created pursuant to section five hundred fifty-two of this

chapter, as originally enacted, and the New York city parkway authority,

the corporation created by section two hundred seventy-seven of this

chapter, are hereby consolidated into a single corporation to be known

as Triborough bridge authority, which shall be a continuance of the

corporate existence of the authorities so consolidated.

(b) Triborough bridge authority, the corporation as consolidated

pursuant to paragraph one-a of this section, and New York city tunnel

authority, the corporation created pursuant to section six hundred

twenty-seven of this chapter, are hereby consolidated into a single

corporation to be known as Triborough bridge and tunnel authority, which

shall be a continuance of the corporate existence of the authorities so

consolidated.

2. In this section the words "original authorities" refer to

authorities which are consolidated pursuant to subsection one of this

section before their consolidation, and the words "consolidated

authority" refer to the single authority resulting from consolidation.

3. The board created by section five hundred fifty-two of this chapter

shall be the board of the consolidated authority and all powers of the

consolidated authority shall be vested in and exercised by said board.

4. All property, rights and powers of each of the original authorities

are hereby vested in and shall be exercised by the consolidated

authority, subject, however, to all pledges, covenants, agreements and

trusts made or created by the original authorities, respectively.

5. All debts, liabilities, obligations, agreements and covenants of

the original authorities are hereby imposed upon the consolidated

authority.

6. All bondholders and other creditors of the original authorities and

persons having claims against or contracts with the original authorities

of any kind or character may enforce such debts, claims and contracts

against the consolidated authority in the same manner as they might have

against the original authorities respectively, and the rights and

remedies of such bondholders, creditors and persons having claims or

contracts shall not be limited or restricted in any manner by this

title.

7. In continuing the functions and carrying out the contracts,

obligations and duties of any of the original authorities, the

consolidated authority is hereby authorized to act in its own name or in

the name of the original authorities as may be convenient or advisable.

8. All employees of the original authorities shall become employees of

the consolidated authority. Nothing in this title shall affect the civil

service status of such employees or their rights, privileges,

obligations or status with respect to any pension or retirement system.

9. The foregoing provisions of this section and of all other sections

of this title are subject to the following limitation: that the

consolidated authority, after the consolidation effected by subdivision

one-b of this section, shall not apply any tolls or revenues derived

from projects which before such consolidation were under control of one

of the original authorities to the payment of bonds, or interest

thereon, either issued, or for the issuance of which a contract has been

made, before such consolidation by the other of the original

authorities, or to the payment of any certificate of indebtedness

issued, at any time, for unpaid interest on such bonds; but this shall

not limit the application of tolls or revenues from any project to the

payment of bonds (including refunding bonds) authorized by the

consolidated authority after consolidation.