Directs, upon conveyance of certain transit facilities, that the New York city transit authority shall be deemed the sole owner of such facilities with respect to all obligations and liabilities imposed by law on property owners.
STATE OF NEW YORK
________________________________________________________________________
3987
2015-2016 Regular Sessions
IN ASSEMBLY
January 28, 2015
___________
Introduced by M. of A. WRIGHT -- read once and referred to the Committee
on Corporations, Authorities and Commissions
AN ACT to amend the public authorities law, in relation to the ownership
status of transit facilities
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 1203 of the public authorities law is amended by
2 adding a new subdivision 8 to read as follows:
3 8. Notwithstanding any other provision of law, upon the conveyance of
4 the transit facilities in accordance with this section, whether by deed,
5 lease, license or other arrangement, the authority shall be deemed the
6 sole owner of such facilities with respect to all obligations and
7 liabilities imposed by law on property owners.
8 § 2. Section 1203-a of the public authorities law is amended by adding
9 a new subdivision 12 to read as follows:
10 12. Notwithstanding any other provision of law, upon the conveyance of
11 any omnibus line acquired by the city to the subsidiary corporation in
12 accordance with this section, the subsidiary corporation shall be deemed
13 the sole owner of such facilities with respect to all obligations and
14 liabilities imposed by law on property owners.
15 § 3. This act shall take effect immediately and shall apply to all
16 matters arising on or after such effective date and to all matters pend-
17 ing on such effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05061-01-5
