§ 1207-i. Rates of fare while bonds, notes and other obligations are
outstanding. Notwithstanding the provisions of section twelve hundred
five of this title or the provisions of any other law to the contrary,
so long as the authority shall have outstanding and unpaid bonds, notes
or other obligations issued pursuant to section twelve hundred seven-b
of this title, or the metropolitan transportation authority or
Triborough bridge and tunnel authority shall have outstanding and unpaid
bonds, notes or other obligations secured by or payable from, in whole
or in part, the revenues, assets or other monies of the authority or its
subsidiary corporations, the authority shall have the power at all times
to fix or adjust the rate or rates of fare to be charged for the use of
any transit facility operated by the authority as may, in the judgment
of the board, be necessary to produce sufficient revenues to pay, as the
same shall become due, the principal of and interest on such bonds,
notes and other obligations of the authority, metropolitan
transportation authority and Triborough bridge and tunnel authority,
together with the maintenance of proper reserves therefor, in addition
to paying as the same shall become due the expenses of operation of the
authority. The authority, metropolitan transportation authority and
Triborough bridge and tunnel authority, shall be authorized to contract
with the holders of such bonds notes and other obligations with respect
to the exercise of the power authorized by this section. In furtherance
of the mandate of the metropolitan transportation authority to develop
and implement a unified mass transportation policy for the metropolitan
commuter transportation district and the exercise of its powers,
including the power to issue notes, bonds and other obligations secured
in whole or in part by the revenues of the authority and its
subsidiaries, metropolitan transportation authority and its
subsidiaries, and the Triborough bridge and tunnel authority, the
authority shall join with the metropolitan transportation authority in
connection with the establishment, levy and collection of fares, tolls,
rentals, rates, charges and other fees for the transportation of
passengers on any transit facilities operated by authority and its
subsidiaries, including any changes thereto.