Section 1207-K. Purchase, financing and lease of cars and rolling stock by city

1. Notwithstanding the provisions of any other law, the  city  may  purchase  from  the  authority,  by  negotiation and without competitive
  bidding, from time to time, all or any part of the cars acquired by  the
  authority  pursuant to section twelve hundred seven-a of this title, and
  to pay therefor such price or prices as shall be agreed upon by the city
  and the authority  provided,  however,  that  such  funds  paid  to  the
  authority  by  the  city  shall  be  used  only for the reimbursement of
  principal and interest on the bonds and notes issued by the authority to
  finance the cost of such cars.
    2. Serial bonds and notes may be issued by the city, pursuant  to  the
  local  finance  law,  to finance the cost of all cars purchased from the
  authority pursuant to subdivision  one  of  this  section.  The  maximum
  period  of  probable  usefulness  of  such  object  or purpose is hereby
  determined to be twenty-five years.
    3. All cars purchased by the  city  from  the  authority  pursuant  to
  subdivision  one  of  this  section  may  be  leased  by the city to the
  authority under the then existing agreement of lease.