Section 1207-A. Purchase of cars by the authority and disposition thereof

1. Notwithstanding the provisions of  sections  twelve  hundred  through
  twelve  hundred  twenty-one,  inclusive,  of  this title or of any other
  provisions of law to the contrary, but  subject  to  the  provisions  of
  section  twelve  hundred seven-j of this title, the authority shall have
  power to purchase no more than seven hundred twenty-four  cars  for  the
  rapid  transit  lines  under  the  jurisdiction  of the authority and to
  finance the purchase price thereof by the issuance of bonds and notes of
  the authority in  accordance  with  the  provisions  of  section  twelve
  hundred seven-b of this title. Any purchase contract for the purchase of
  such  cars  shall  be  made  by  the  authority only upon public letting
  founded  on  sealed  bids  in  accordance  with  the   requirements   of
  subdivision two of section twelve hundred nine of this title.
    2.   Title  to  all  cars  purchased  by  the  authority  pursuant  to
  subdivision one of this section shall vest in the  authority;  provided,
  that,  subject to such agreements with the holders of bonds and notes of
  the authority as may then exist, the authority may  from  time  to  time
  sell at negotiated sale and transfer to the city, for such consideration
  as the authority shall determine and approve, any or all of such cars so
  purchased  by  the  authority  as  provided  in  section  twelve hundred
  seven-k.