Section 99-O. Transfer and lease of mass commuting vehicles by the county of Suffolk

1.  As  used  in this section the term "county" shall mean the  county of Suffolk. The term "mass  commuting  vehicle"  means  any  bus,
  subway  car,  rail  car,  locomotive, or similar equipment used or to be
  used to provide mass commuting services, whether or not  operated  by  a
  private operator under agreement with the county.
    2.  Any  other  law,  general,  special  or local notwithstanding, the
  county, acting through its chief executive officer or its  chief  fiscal
  officer  without  further  approval, except, in case the legislature has
  declared that a state of financial emergency exists in the  county,  the
  approval  of  any  emergency  financial  control  board  or similar body
  established by state law for such county, may (a) sell or  transfer  any
  interest  in  any  or  all of its mass commuting vehicles, except to the
  extent of any portion of any mass commuting vehicles financed by federal
  grants, for consideration and on such terms and  conditions  as  it  may
  deem  appropriate,  and obtain a lease from the transferee on such terms
  and conditions and for such period as it may deem  appropriate  pursuant
  to  which it may operate such mass commuting vehicles, provided (i) such
  lease contains an option to the county to repurchase  such  interest  at
  the expiration of the scheduled lease term for nominal consideration and
  (ii)  the aggregate of the regularly scheduled rental payments which the
  county is obligated to make pursuant to such lease  during  each  twelve
  month  period  of  the  lease term shall not exceed the aggregate amount
  receivable, whether in the form of principal or interest, by the  county
  from  its transferee during each twelve month period. Without limitation
  of the foregoing, any  lease  entered  into  pursuant  hereto  may  also
  contain provisions requiring the county to indemnify the transferee for,
  among  other  things, any loss resulting from the loss or destruction of
  any property which is the subject of such lease and requiring the county
  to undertake to replace, repair or restore any such property,  but  such
  obligations  shall not be deemed regularly scheduled rental payments for
  purposes of the preceding sentence and (b) provide compensation  to  one
  or  more  third parties for services rendered by them in connection with
  any such transaction.
    3. Proceeds from any transaction described in this section may be used
  by the county only for the operation, maintenance or acquisition of mass
  commuting vehicles or expended on the making of any capital improvements
  to be used in connection with mass commuting vehicles, but may  be  held
  and  invested  alone or with and in the same manner as other revenues of
  the county pursuant to law before application to such purposes.
    4. The lessor of such property, during the term of any  lease  thereof
  to  the  county,  shall, if the lessor shall have assigned to the county
  all manufacturers' and other warranties, if any furnished to the  lessor
  in  connection  with  its  purchase  of such property, and except as the
  lease may otherwise provide, have no liability or responsibility to  the
  county  or  to third parties for damages to real or personal property or
  for the destruction thereof, or for personal injuries  or  death,  based
  upon the use, condition or state of such property, or any part thereof.