Bill Text: NY A03987 | 2015-2016 | General Assembly | Introduced
Bill Title: 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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-01-06 - referred to corporations, authorities and commissions [A03987 Detail]
Download: New_York-2015-A03987-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 3987 2015-2016 Regular Sessions I N A S S E M B L Y 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 S 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 S 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