New York RAT Code § 34

Issue of bonds by city
Open in Lexace · Ask the AI about this section
§ 34. Issue of bonds by city. a. For the purpose of providing the\nnecessary means for such construction, or equipment, or both, as the\ncase may be, or acquiring by purchase, at the public expense, of any\nsuch road or subsurface structures, and the necessary means to pay for\nproperty rights which shall be acquired by the city for the purposes of\nthe construction or the operation of any such road as provided in this\nchapter, and the necessary means to pay awards made as provided in this\nchapter for damages for change of grade on any street and to pay the\nexpenses of proceedings to determine such damages, and of meeting the\ninterest on obligations, issued for the purposes of this section,\naccruing thereon prior to the completion and readiness for operation of\nthe portion of such road, and such sub-surface structures, for the\npurchase, construction, or equipment of which such obligations shall\nhave been respectively issued, the mayor, from time to time, as the same\nshall be necessary, upon the requisition of the board of transportation,\nshall make available such sums as may be necessary, upon vouchers\ncertified by the board of transportation. In case any person shall claim\nto be entitled to any money on account of a contract entered into under\nthe terms of this chapter, for the construction of any part of a\nmunicipal railroad and the board of transportation shall fail, neglect\nor refuse to certify a proper or sufficient voucher for the payment of\nthe money so claimed, a proper or sufficient voucher shall not be a\ncondition precedent to the liability of the city, but an action may be\nbrought directly against the city for the recovery of such money as such\nperson may be entitled to. This section shall not affect the powers of\nthe board or its engineers, as set forth in this chapter or as they may\nbe prescribed in any contract entered into pursuant thereto, or to\nchange or alter in any respect the existing rules of law as to the force\nor effect of any certificate which shall have been or may hereafter be\nmade under any contract. This section shall be deemed to apply also to\nany such actions instituted before May sixth, nineteen hundred\ntwenty-one. If bonds are issued by the city for the purposes of this\nsection they may be made payable out of a sinking fund to be established\nand created out of the annual rentals or revenues of such road,\nincluding sub-surface structures, as provided in this chapter. In case\nthe board shall request the mayor to have any part of the work of\nrestoration of street surfaces or property incidental to the\nconstruction of any such road performed by or under the direction of any\nhead of an agency of such city or any subdivision of such city, the\nmayor may set apart out of any appropriation theretofore made under the\nforegoing provisions of this section such amount as the board of\ntransportation may specify and shall make such amount available for the\nuse of such head of such agency for the purposes of such restoration of\nstreet surfaces or property.\n  b. A contract for the construction of such road shall not be made\nunless and until the mayor shall have consented thereto and prescribed a\nlimit to the amount of funds available for the purposes of this section\nwhich shall be sufficient to meet the requirements of such contract in\naddition to all obligations theretofore incurred and to be satisfied\nfrom such funds. The board of transportation of the city of New York, in\nits discretion, may request the mayor to make available either such\namounts from time to time as it shall deem the progress of the work to\nrequire, or the full amount sufficient to pay the entire estimated\nexpenses of executing any contract made pursuant to this chapter. The\ncertificate of the comptroller, mentioned in section 93c-3.0 of the\nadministrative code of the city of New York shall not be necessary to\nmake any such contract binding on the city. Before finally fixing the\nterms and c

‹ Prev All New York sections Next ›


Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.