N.Y. Public Authorities Law § 1225-J
Federal, state and other aid
New York · New York Public Authorities Law · Status: effective · Effective 2014-09-22
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- N.Y. Public Authorities Law § 1225-J, Federal, state and other aid, New York, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/1118445
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Full text
§ 1225-j. Federal, state and other aid. Subject to the provisions of
chapter ten hundred seventy-three of the laws of nineteen hundred
sixty-nine as amended by a chapter of the laws of nineteen hundred
seventy-two, in the event that the transportation authority receives
state or federal or other aid for a transit facility which defrays or
reimburses expenditures paid for by the city or the fund or made out of
the proceeds of bonds or notes of the transportation authority secured
by and payable from rental or other payments receivable from the fund,
the transportation authority shall forthwith pay over to the city the
entire amount of such aid unless a lease or other agreement between the
fund and the transportation authority shall provide otherwise.
For the purposes of any law conditioning the receipt of state aid for
a transit facility on the appropriation, payment or expenditures by the
city of a local share of the cost of such transit facility, the proceeds
of bonds or notes issued by the transportation authority and secured by
and payable from a pledge of payments or rentals receivable from the
fund pursuant to any lease or other agreement between the fund and the
transportation authority shall be counted toward the fulfillment of such
local share.