§ 552-a. Consolidation. 1. (a) Triborough bridge authority, the
corporation created pursuant to section five hundred fifty-two of this
chapter, as originally enacted, and the New York city parkway authority,
the corporation created by section two hundred seventy-seven of this
chapter, are hereby consolidated into a single corporation to be known
as Triborough bridge authority, which shall be a continuance of the
corporate existence of the authorities so consolidated.

(b) Triborough bridge authority, the corporation as consolidated
pursuant to paragraph one-a of this section, and New York city tunnel
authority, the corporation created pursuant to section six hundred
twenty-seven of this chapter, are hereby consolidated into a single
corporation to be known as Triborough bridge and tunnel authority, which
shall be a continuance of the corporate existence of the authorities so
consolidated.

2. In this section the words "original authorities" refer to
authorities which are consolidated pursuant to subsection one of this
section before their consolidation, and the words "consolidated
authority" refer to the single authority resulting from consolidation.

3. The board created by section five hundred fifty-two of this chapter
shall be the board of the consolidated authority and all powers of the
consolidated authority shall be vested in and exercised by said board.

4. All property, rights and powers of each of the original authorities
are hereby vested in and shall be exercised by the consolidated
authority, subject, however, to all pledges, covenants, agreements and
trusts made or created by the original authorities, respectively.

5. All debts, liabilities, obligations, agreements and covenants of
the original authorities are hereby imposed upon the consolidated
authority.

6. All bondholders and other creditors of the original authorities and
persons having claims against or contracts with the original authorities
of any kind or character may enforce such debts, claims and contracts
against the consolidated authority in the same manner as they might have
against the original authorities respectively, and the rights and
remedies of such bondholders, creditors and persons having claims or
contracts shall not be limited or restricted in any manner by this
title.

7. In continuing the functions and carrying out the contracts,
obligations and duties of any of the original authorities, the
consolidated authority is hereby authorized to act in its own name or in
the name of the original authorities as may be convenient or advisable.

8. All employees of the original authorities shall become employees of
the consolidated authority. Nothing in this title shall affect the civil
service status of such employees or their rights, privileges,
obligations or status with respect to any pension or retirement system.

9. The foregoing provisions of this section and of all other sections
of this title are subject to the following limitation: that the
consolidated authority, after the consolidation effected by subdivision
one-b of this section, shall not apply any tolls or revenues derived
from projects which before such consolidation were under control of one
of the original authorities to the payment of bonds, or interest
thereon, either issued, or for the issuance of which a contract has been
made, before such consolidation by the other of the original
authorities, or to the payment of any certificate of indebtedness
issued, at any time, for unpaid interest on such bonds; but this shall
not limit the application of tolls or revenues from any project to the
payment of bonds (including refunding bonds) authorized by the
consolidated authority after consolidation.