Section 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.