§ 1266-c. Transit projects. 1. Subject to the provisions of this\nsection, the authority is hereby authorized, upon the request of the New\nYork city transit authority and upon such terms and conditions as shall\nbe agreed to by the authority (i) to plan, design, acquire, construct,\nreconstruct, rehabilitate and improve facilities, equipment, devices and\nappurtenances, and property or property rights constituting or to\nconstitute part of, or used or to be used in connection with the\noperation of any transit facility now or hereafter owned or operated by\nthe New York city transit authority or any of its subsidiaries (each of\nthe foregoing activities and programs being referred to in this section\nas a "transit project"), (ii) to finance the costs of a transit project\nby the issuance of its notes, bonds or lease obligations, (iii) upon the\ncompletion of any transit project or part thereof, to cause the same to\nbe transferred, leased or subleased to the New York city transit\nauthority or its designated subsidiary or other designee, for\nconsideration. The terms "facilities", "equipment", "devices and\nappurtenances", "property" or "property rights" and "transit facility"\nshall have the meanings given to such terms from time to time in section\ntwelve hundred of this article. The authority shall have no obligation\nto operate or, except as may otherwise be provided in any lease to which\nit may be a party as hereinafter provided, repair or maintain any\ntransit project or part thereof subsequent to its completion nor shall\nit be liable to the transferee, lessee or sublessee by reason of any\nwarranty, express or implied, in respect thereof. Warranties furnished\nin connection with such transit project shall be assignable and assigned\nas directed by the New York city transit authority and approved by the\nauthority.\n 2. In connection with any transit project, and in order to effectuate\nthe purposes of this section, the authority shall, subject to the\nprovisions of this section, have all of the powers provided elsewhere in\nthis title, and, in addition, the authority may:\n (a) issue its notes or bonds to finance all or any part of the costs\nof a transit project;\n (b) finance all or any part of the costs to the authority or to any\nother person or entity, public or private, of such transit project\nthrough, or accompanied by, a leasing of such project or any part\nthereof by such person or entity to the authority or through or\naccompanied by a sale by the authority to any such person or entity and\nleaseback to the authority, in each case for subleasing to the New York\ncity transit authority, its designated subsidiary or other designee for\nconsideration, except that such leasing or leaseback from such person or\nentity may be directly to the New York city transit authority or its\ndesignated subsidiary or other designee with the consent of the\nauthority;\n (c) issue its notes or bonds to defease the lien of, refund or\notherwise repay any outstanding notes, bonds or other obligations of the\nNew York city transit authority which in the judgment of the authority\nwould otherwise delay, impede or prevent its financing a transit\nproject;\n (d) accept the notes, bonds, lease, sublease and other contractual\nobligations of the New York city transit authority and any of its\ndesignated subsidiaries in payment for a transfer, lease or sublease of\na transit project;\n (e) accept from the New York city transit authority or its designated\nsubsidiary or from the city of New York, acting by its mayor alone, a\ntransfer of title to or the use, occupancy, control or possession of any\nreal or personal property (or any interest therein) needed or useful for\nor in connection with any transit project;\n (f) obtain security for the payment by the New York city transit\nauthority or its designated subsidiary of its notes, bonds, lease,\nsublease or other contractual obligations, including a pledge of all or\nany part o
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