§ 1207-m. Transit projects. 1. The term "transit project" as used in\nthis section shall have the meaning given to such term from time to time\nin section twelve hundred sixty-six-c of this article. The provisions of\nthis section shall be controlling and the authority and its subsidiaries\nshall have the powers provided in this section notwithstanding any\ncontrary provision of this title or of local law or of any lease or\nother agreement with the city.\n 2. (a) The authority is hereby authorized to request the metropolitan\ntransportation authority to undertake any transit project and the\nauthority and its designated subsidiaries are each hereby authorized (i)\nto enter into agreements with the metropolitan transportation authority\nconcerning transit projects; (ii) to acquire in its own name by gift,\npurchase or condemnation any real or personal property (or any interest\ntherein) which is needed or useful for or in connection with such\nproject, and to surrender the use, occupancy, control or possession of\nor to transfer the same, or any other such real or personal property (or\nany interest therein) which it owns, leases, operates or controls, to\nthe metropolitan transportation authority or its designee; (iii) to\naccept a transfer, transfer back, lease or sublease of any such project\nor part thereof upon its completion; and (iv) to make its agents,\nemployees and facilities available to the metropolitan transportation\nauthority in connection therewith.\n (b) The authority and its subsidiary corporation is each hereby\nauthorized to sell or transfer, without regard as to how or from whom\nacquired, all or part of its interest in any equipment which is deemed\nto be a mass commuting vehicle under the United States internal revenue\ncode or the regulations thereunder, including, without limitation, any\nof the same obtained as transit projects or obtained from or financed\nwith money received from the Triborough bridge and tunnel authority, for\nsuch consideration and on such terms or conditions as it may deem\nappropriate, and to obtain a lease from the transferee on such terms and\nconditions and for such period as it may deem appropriate pursuant to\nwhich it may operate, use, control or possess such mass commuting\nvehicle in furtherance of the statutory purposes of the authority and\nits subsidiaries, provided (i) such lease contains an option to the\nauthority or its subsidiary corporation to repurchase its interest at\nthe expiration of the scheduled lease term for nominal consideration,\nand (ii) the aggregate of the regularly scheduled rental payments which\nthe authority or its subsidiary corporation is obligated to make\npursuant to such lease during each twelve month period of the lease term\nshall not exceed the aggregate amount receivable, whether by principal\nor interest, by the authority or its subsidiary corporation from its\ntransferee during each such twelve month period. Without limitation of\nthe foregoing, any lease entered into pursuant hereto may also contain\nprovisions requiring the authority or its subsidiary corporation to\nindemnify the transferee for any loss resulting from the loss or\ndestruction of any mass commuting vehicle which is the subject of such\nlease, or any loss arising out of any misrepresentation, act, or\nomission of the authority or its subsidiary in connection with such\nlease, and requiring the authority or its subsidiary corporation to\nundertake to replace, repair or restore any such mass commuting vehicle,\nbut such obligations shall not be deemed regularly scheduled rental\npayments for purposes of the preceding sentence. Rental payments and\nother payments or costs incurred by the authority or its subsidiary\ncorporation in discharge of its obligations under any lease entered into\nas hereinabove provided shall not be deemed capital costs for the\npurposes of section twelve hundred three or twelve hundred three-a of\nthis title, and the considerations received
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