§ 1203. Transfer of transit facilities by the city to the authority.\n1. a. On or before June first, nineteen hundred fifty-three, the city\nmay, by resolution of the board of estimate or by instruments authorized\nby any such resolution, enter into an agreement with the authority for\nthe transfer to the authority, for use in the execution of its corporate\npurposes, of the transit facilities now owned or hereafter acquired or\nconstructed by the city and any other materials, supplies and property\nincidental to or necessary for the operation thereof. Any such agreement\nshall provide for transfer of such facilities by deed, lease, license or\nother arrangement, provided the term thereof shall not be less than ten\nyears and authorize the authority to take jurisdiction, control,\npossession and supervision of such transit facilities, materials,\nsupplies and property on or before June fifteenth, nineteen hundred\nfifty-three.\n b. (i) Such agreement shall provide that capital costs of a nature not\nheretofore charged as operating expenses shall be paid by the city, or\nat the option of the authority may be paid in the first instance by the\nauthority but in such event, the authority shall be entitled to recover\nfrom the city the amount of such costs; provided, however, that the\ntotal amount of such capital costs which the authority may incur without\nthe approval of the mayor in any city fiscal year shall not exceed five\nmillion dollars and that no other such capital costs shall be incurred\nby the authority without such approval. Where the city is required to\nreimburse the authority for the amount of any capital costs pursuant to\nsuch agreement, serial bonds or capital notes may be issued by the city,\npursuant to the local finance law, to finance any such reimbursement in\nthe same manner and to the same extent as if such costs were to be paid\ndirectly by the city.\n The authority shall submit annually to the city planning commission\nand the mayor of the city on or before October fifteenth in each year an\nestimate of all such capital costs for inclusion in the capital budget\nof the city.\n (ii) From and after March first, nineteen hundred sixty-eight, the\nauthority shall also have the right to incur capital costs of such\nnature in its own name to the extent that capital funds are available to\nit for expenditures of such nature pursuant to the provisions of section\ntwelve hundred nineteen-a of this chapter or of any other provision of\nlaw, which capital costs shall not be payable by the city; provided,\nhowever, that no project to be financed by the use of such capital funds\nwhich is estimated by the authority to involve an expenditure in excess\nof one million dollars shall be commenced unless the mayor and the board\nof estimate shall each have been notified in writing by the authority of\nthe intent of the authority to undertake such project and of the nature\nthereof. No such project shall be commenced if and to the extent that\neither the mayor or a majority in voting power of the members of the\nboard of estimate shall find that it is incompatible with sound planning\nfor the development or redevelopment of the city, provided such finding,\ntogether with the reasons therefor, is set forth in a writing delivered\nto the authority within thirty days of the receipt by the mayor or the\nboard of estimate, as the case may be, of the notification of the\nauthority relating to such project. If any such project is not so\ndisapproved, it may nevertheless not be commenced unless and until the\ncity shall have been given an opportunity to include the same in the\ncapital budget of the city for the first fiscal year of the city\ncommencing not less than six months after receipt of such notification.\nIf and to the extent that such project is included in such capital\nbudget, the authority may not thereafter incur capital costs for the\nsame in its own name. If or to the extent such project is not included\nin s
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