Page images
PDF
EPUB
[ocr errors]

7. "Equipment." Rolling stock, omnibuses, vehicles, motors, boilers, engines, wires, ways, conduits and mechanisms, machinery, tools, implements, materials, supplies and devices of every nature whatsoever used for the generation or transmission of motive power and including all power houses, and all apparatus and all devices for signalling and ventilation as may be required for the operation of a transit facility.

8. "Facilities." Routes, tracks, extensions, connections, terminals or facilities.

9. "Fiscal year." A period commencing July first in each year and ending on June thirtieth of the following year.

10. "Governor." The governor of the state of New York.

11. "Mayor." The mayor of the city.

12. "Person." A natural person, firm or corporation.

13. "Property" or "property rights." Real estate, real property, lands, rights, terms, interests, privileges, franchises or easements of owners, abutting owners or others.

[ocr errors]

14. "Revenues. The aggregate amount of the gross receipts of moneys derived directly or indirectly from or in connection with the operation by the authority of any transit facility and shall include moneys derived from fares charged persons riding thereon; from rates charged for carrying property thereon; from rentals or fees charged for concessions or privileges thereon or in connection therewith; from the sale of surplus power, and any other receipts from whatever source derived.

15. "Transit facility." A rapid transit railroad, omnibus line or any other facility or any railroad in the city used for local service in the transportation of passengers as common carriers for hire, and any portion thereof and the rights, leaseholds or other interests therein, together with the devices and appurtenances, facilities and equipment thereof and power plants and other instrumentalities used or useful therefor or in connection therewith.

16. "Street." A public street, marginal street, avenue, road, bridge, viaduct, highway, boulevard, driveway, park, parkway, dock, wharf, pier, ground, river, water, square, place or land within the city.

§ 1801. New York city transit authority. 1. A board to be known as the "New York city transit authority" is hereby created. Such board shall be a body corporate and politic constituting a public benefit corporation. It shall consist of five members, all of whom shall be residents of the city. Two members shall be appointed by the governor, by and with the advice and consent of the senate, and two members shall be appointed by the mayor. After appointment and qualification of the members appointed by the governor and the mayor, they shall, as promptly as possible, select a fifth member. If such members do not within sixty days following their appointment and qualification select a fifth member or if prior thereto they certify to the governor, the mayor and the public service commission of the state of New York their inability to agree on the selection of a fifth member, then the public service commission

shall select the fifth member. The board shall elect one of its members to serve as chairman during his term of office.

2. The members first appointed shall serve for terms of six years from May first, nineteen hundred fifty-three. Their successors shall be appointed for terms of six years each. Vacancies shall be filled for the balance of the term in the same manner as original appointments.

3. No member, during the time he shall serve as such, shall hold any public office or employment under the government of the state or of the city, for which he shall receive compensation other than for expenses actually and necessarily incurred by him in such office or employment.

4. The members of the authority shall receive no compensation for their services pursuant to this title but they shall be entitled to be paid the expenses actually and necessarily incurred by them in the performance of their duties.

5. Three members shall constitute a quorum for the purpose of organizing the authority and conducting the business thereof. A majority of the members of the board may transact any business, perform any duty or exercise any power of the authority. The authority shall act by resolution at a meeting held in accordance with its rules and regulations.

§ 1802. Purposes of the authority. 1. The purposes of the authority shall be the acquisition of the transit facilities operated by the board of transportation of the city and the operation of transit facilities in accordance with the provisions of this title for the convenience and safety of the public on a basis which will enable the operations thereof, exclusive of capital costs, to be selfsustaining.

2. It is hereby found and declared that such purposes are in all respects for the benefit of the people of the state of New York and the authority shall be regarded as performing a governmental function in carrying out its corporate purpose and in exercising the powers granted by this title.

§ 1803. Transfer of transit facilities by the city to the authority. 1. On or before June first, nineteen hundred fifty-three, the city may, by resolution of the board of estimate or by instruments authorized by any such resolution, enter into an agreement with the authority for the transfer to the authority, for use in the execution of its corporate purposes, transit facilities now owned or hereafter acquired or constructed by the city and any other materials, supplies and property incidental to or necessary for the operation thereof. Any such agreement may provide for transfer of such facilities by deed, lease, license or other arrangement, provided the term thereof shall not be less than ten years.

2. Such agreement shall provide for payment by the city of:

a. Costs of acquisition or construction of transit facilities, omnibuses, and other capital improvements or purposes, for which a period of probable usefulness in excess of five years is provided by law.

b. Liabilities of the city or the board of transportation for: (1) Pension or retirement contributions on behalf of persons who were employed on transit facilities heretofore acquired by the city.

(2) Contributions to the New York city employees' retirement system on behalf of officers or employees whose compensation has been paid out of the operating revenues of the board of transportation of the city, which contributions have or shall hereafter become due or payable for fiscal years of the city ending on or before June thirtieth, nineteen hundred fiftythree.

c. All other liabilities of the board of transportation on the date of the conveyance, as may be determined by mutual agreement.

d. Ten million dollars derived from any funds of the city (but not from borrowed funds), or the operating fund of the board of transportation at the time of such transfer, whichever is the greater, for use by the authority as initial working capital (1) in partial consideration of the acceptance by the authority of the initial transfer, in which case the sum shall not be repaid, or (2) as a loan, in which case such sum shall be repaid in not less than five nor more than ten equal annual installments, commencing July first, nineteen hundred fifty-four.

3. Such agreement may contain provisions relating to the use and occupancy by the authority of real property (in addition to that transferred pursuant to subdivision one of this section) now or hereafter owned or leased by the city, on such terms as may be mutually agreed upon by the city and the authority, and may provide for or authorize surrenders to the city of property no longer required by the authority.

4. The city and the authority are hereby authorized and empowered to make or enter into any contracts, agreements, deeds, leases, conveyances or other instruments as may be necessary or appropriate to effectuate the purposes of this title and they shall have complete power and authority to do and to authorize the doing of all things, incidental, desirable or necessary to implement the provisions of this section.

5. Upon the filing by the authority with the clerk of the city and the secretary of state of a copy of the instruments or documents effectuating the transfer, the authority shall take possession and control of the transit facilities and other property transferred thereby together with all contracts, books, maps, plans, papers and records of or in the possession of the board of transportation of whatever description, incidental to or necessary for the operation of the facilities transferred by such agreement or the performance of the duties of the authority as provided by this title.

§ 1804. General powers of the authority. 1. To sue and be sued. 2. To have a seal and alter the same at pleasure.

3. To acquire, hold, use and dispose of personal property for its corporate purposes.

4. To make rules and regulations for its organization and internal management.

5. To appoint a general manager and other officers, assign powers and duties to them, and fix their compensation.

6. To appoint employees and fix their compensation subject to the provisions of the civil service law.

7. To retain and employ counsel, auditors, engineers and private consultants on a contract basis or otherwise for rendering professional or technical services and advice.

8. Pursuant to the provisions of this title, to construct, reconstruct, improve, maintain and operate any transit facility, whether now existing, or constructed, acquired or provided in the future, and to fix fares on any such transit facilities.

9. To construct, reconstruct, improve, maintain and operate buildings, structures and facilities as may be necessary or convenient.

10. With the consent of the city to use officers, employees, agents and facilities of the city paying to the city an agreed proportion or amount of the compensation or costs involved.

11. To make or enter into contracts, agreements, deeds, leases, conveyances or other instruments. This power shall include the power to make contracts with other persons operating transit facilities for combined fares for the use of such facilities and the transit facilities operated by the authority and for the division of such fares.

12. To surrender to the city property no longer required by the authority.

13. To rent space and grant concessions on or in any transit or other facility under its jurisdiction, to fix and collect rentals, fees or other charges therefor, and to contract for the sale or disposition of waste, products or by-products incidental to its operations or in excess of its requirements.

14. To make plans, surveys and studies of transit facilities in the city and prepare recommendations in regard thereto.

15. To exercise all requisite and necessary authority to manage, control and direct the maintenance and operation of transit facilities transferred to it for the convenience and safety of the public with power, in its discretion, to extend, modify, discontinue, curtail, or change routes or methods of transportation where the convenience and safety of the public would be served thereby or where existing routes or methods are inefficient or uneconomical; provided, however, that (except in cases of emergencies) at least thirty days prior to any proposed modification, discontinuance, curtailment or change of any transit route or method of transportation, the authority shall give notice of its intention to the board of estimate and shall, upon request of such board within such period, conduct a public hearing thereon.

16. To do all things necessary or convenient to carry out its purposes and for the exercise of the powers granted in this title. § 1805. Rates of fare. Notwithstanding the provisions of any other law, the terms of any contract or franchise, between the first

day of January and the thirtieth day of June in any year, the authority shall have the power 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 authority be necessary to produce sufficient revenue to meet the expenses of the operations of the authority and to maintain such operations on a self-sustaining basis. Any such change in the rate or rates of fare shall become effective on a specified date during such period or on the first day of July of any year except that during the year nineteen hundred fifty-three any such change may be fixed on or before July fifteenth and become effective on or before July thirtieth of such year. § 1806. Omnibus operations. 1. The authority, as soon practicable and not later than July first, nineteen hundred fifty-five, shall prepare a plan for the sale and transfer of omnibus facilities. under its jurisdiction to private ownership.

as

2. The authority shall have power to take such action and execute such instruments as may be required of it to execute such plan or any modification thereof.

§ 1807. Notes and equipment trusts.

1. The authority may

Such notes

issue notes in anticipation of the receipt of revenues. shall mature, and with interest thereon be repaid from revenues received, within the fiscal year in which the notes are issued; pro·vided, however, that notes issued within the last quarter of the fiscal year not in excess of ten million dollars, may mature and be repaid from revenues received, within six months from the date of issue. Such notes may be sold at public or private sale and the city shall have power to purchase the same from any revenues or funds of the city other than moneys derived from borrowings.

2. The authority shall have power to purchase pursuant to conditional sales agreements or equipment trust agreements, to lease and otherwise to acquire subject to a lien for the purchase price, such equipment as it deems desirable including, cars and rolling stock, electric and other motive power vehicles, automobiles, buses, and other motor vehicles. Payment for such equipment, or rentals therefor, may be made in installments to a trustee in trust to secure payment of equipment trust certificates, and provision may be made that title to such equipment shall not vest in the authority until the equipment trust certificates are paid, or that such equipment shall be subject to a lien to secure equipment trust certificates. Any such agreements, leases and equipment trust certificates shall contain such covenants, conditions and provisions as it deems necessary or desirable to insure payment of the equipment trust certificates.

§ 1808. Revenue and accounts. 1. The authority shall establish and maintain a system of accounts to show at all times the cost of the several classes of property used in operation and the sources of funds used in the acquisition of such property; the several classes of operating revenue and other income; maintenance expenses, interest, and all other charges. To the extent consistent with this title, such accounts shall be kept in accordance with the appro

« PreviousContinue »