N.Y. Pub. Auth. Law § 553-A

Current through 2024 NY Law Chapter 443

Section 553-A - Additional powers in relation to Brooklyn Richmond project

1. If and when the Port of New York authority (herein called the "port authority") is authorized to make agreements with the authority relating to the construction, ownership, maintenance and operation of the Brooklyn Richmond project as a bridge (herein sometimes collectively referred to as the "Narrows bridge project") and to acquire land, easements and rights in land necessary or convenient therefor, the authority shall have power, in its discretion and subject to and in accordance with all contract provisions with respect to any bonds and the rights of the holders of bonds to make such agreements with the port authority on such terms and conditions and with such payments and considerations as the authority and the port authority shall deem in the public interest, as to any one or more of the following:

(a) the acquisition of such land, easements and rights in land for, and the design, construction and financing of, the Narrows bridge project by the port authority, including the payment therefor by the authority and the transfer of title thereto and the right of possession and use thereof, provided, however, that the agreement shall contain provisions as to the land, easements and rights in land to be acquired, and that such provisions of such agreement shall be subject to the approval of the mayor of the city, and provided further that such agreement shall provide that no other land, easements or rights in land will be acquired for Narrows bridge purposes by the port authority.

(b) the construction, with the consent of the city, either by the authority or the port authority, of new parks, parkways, highways, or improvements to existing parks, parkways or highways, either connecting directly or indirectly with the Narrows bridge project, for the purpose of attracting or facilitating traffic or improving approaches to and connections with such project, and the acquisition of land, easements and rights in land therefor,

(c) leasing the Narrows bridge project, in whole or in part, by the authority from the port authority and the payment by the authority of rents or other payments therefor, and for the operation, maintenance, construction and reconstruction thereof by the authority pursuant to and to the extent provided by the terms of such agreement for leasing,

(d) charging and fixing tolls, fees and rentals for the use of such project, sufficient to provide for the payment by the authority of the costs of construction, maintenance and operation thereof and all rents and other payments under any such agreement for leasing, for the payment of the principal of and interest on any bonds or other obligations to be issued by the authority to pay the cost of such project and all other payments to be made by the authority including reserves and sinking funds therefor, in accordance with any such agreement for leasing or other agreement made between the port authority and the authority in connection with such project,

(e) securing the payment of rents and other payments under any such agreement for leasing, or other agreement made between the port authority and the authority in connection with such project, by pledging such tolls, fees, rentals and revenues of such project and providing for the use and disposition of such tolls, fees, rentals and revenues, and for the setting aside of reserves or sinking funds and the regulation and disposition thereof, and, subject to and in accordance with all contract provisions with respect to any bonds, by pledging for such security tolls, fees, rentals and revenues of any or all of the projects,

(f) limiting the construction by the authority of vehicular crossings between Brooklyn and Richmond,

(g) acquiring from the port authority all or any part of the right, title and interest of the port authority in such project and the lands, easements and rights in land acquired for such project by the port authority,

(h) defining events of default under such agreement, fixing periods of grace and providing rights and remedies of the parties in case of default thereunder including the right to terminate and fix the terms and conditions for the termination of the same, and

(i) any other matters of like or different character for the protection of the interest of the port authority or the authority or the respective holders of bonds thereof or the public with respect to the acquisition, construction, reconstruction, improvement, operation or maintenance of the Narrows bridge project.

2. The authority shall have power to do any acts or things, transfer such rights or interests and execute and deliver such papers as the authority may deem necessary or desirable to carry out any of the foregoing.

3. The authority, so long as its corporate existence shall continue, shall have power to operate, maintain, construct, improve and reconstruct the Narrows bridge project and to exercise all of the powers herein granted to the authority with respect to the Narrows bridge project in connection with any agreements between the port authority and the authority or otherwise, and subject to any such agreements shall have the use and occupancy of any lands, easements or rights in land acquired in the name of the city for such project. The powers conferred in this section shall be in addition to and shall not limit the other powers conferred in this title.

N.Y. Pub. Auth. Law § 553-A