N.Y. Public Authorities Law § 553-c: Additional powers and provisions in relation to railroad and rapid transit projects

§ 553-c. Additional powers and provisions in relation to railroad and

rapid transit projects. 1. The authority shall have the power to finance

all or any part of the costs of railroad and rapid transit costs

enumerated in paragraphs m, n, o and p of subdivision nine of section

five hundred fifty-three of this article through the issuance of its

negotiable bonds, notes or other obligations in the manner provided in

section five hundred sixty-one of this chapter subject only to the

following limitations:

(a) The aggregate principal amount of such bonds, notes or other

obligations shall not exceed three hundred million dollars

($300,000,000) excluding (i) bonds issued to fund any reasonably

required debt service reserve fund, and (ii) bonds, notes or other

obligations issued to refund or otherwise repay bonds, notes or other

obligations theretofore issued for any of the purposes set forth in this

subdivision, and

(b) Bonds issued for such purposes may be issued as a single issue or

in series from time to time provided that (i) such issue or each such

series shall be scheduled to mature over a term of not less than twenty

and not more than thirty years, (ii) the aggregate amount of principal

and interest or principal installments and interest payable in each year

during which such principal payments or installments are made or

provided for shall not exceed twenty-six million dollars, and (1) with

respect to such issue, or (2) with respect to each such series or the

aggregate of all such series, as the authority shall elect, be as nearly

equal as practicable.

2. Moneys expended pursuant to subdivision one of this section shall

be utilized insofar as practical to: (a) purchase at least one hundred

twenty-four new subway cars for the New York city transit authority, (b)

rehabilitate at least two hundred eighty existing subway cars for the

New York city transit authority, (c) acquire at least fifteen new diesel

self-propelled railroad passenger cars for the metropolitan

transportation authority commuter service area and (d) provide a

passenger car lay-up yard and other facilities for the Long Island Rail

Road in Manhattan. The authority shall either apply for or make

reasonable effort to secure federal assistance in support of each of the

programs herein authorized and to the extent such federal assistance is

forthcoming and/or other cost savings are realized with respect to any

such program shall have the power to expand the size of that or any of

the foregoing programs.