2015 New York Laws
PBA - Public Authorities
Article 5 - PUBLIC UTILITY AUTHORITIES
Title 9 - (1200 - 1221) NEW YORK CITY TRANSIT AUTHORITY
1205-A - Surrender of power plants.

  1205-a.  Surrender  of  power  plants.  Notwithstanding  any  other
  provision of law, in the  event  the  authority  shall  surrender  power
  plants  to the city in connection with the sale thereof by the city to a
  third party, the city shall establish a fund out of the  purchase  price
  or  the  installments  of purchase price, from which it shall pay to the
  authority for a period of ten years the sum of five  million  dollars  a
  year  in  semi-annual  installments of two million five hundred thousand
  dollars each. The first such payment shall be made six months after  the
  date when possession of the power plants is transferred to the purchaser
  of  such  plants.  Such moneys shall be used by the authority to pay, in
  part, for the cost of electricity purchased by  the  authority  for  the
  operation of transit facilities.
Notwithstanding  the  foregoing provisions, the city may, from time to
  time, at the request of the authority, prepay to the authority  any  and
  all  of the remaining semi-annual installments due it as aforesaid, when
  the city and the authority have determined  that  such  prepayment  will
  serve  the financial needs of the authority. In the event that said fund
  is not sufficient for the prepayment of any such installments, then  the
  city  may make up any insufficiency through a budgetary appropriation or
  may issue serial bonds and notes, pursuant to the local finance law,  to
  finance  such  insufficiency.  The maximum period of probable usefulness
  for such object or purpose is hereby determined to be three years.