§ 114. Costs. The cost of providing a common supply of water may be financed either by the issuance and sale of the joint obligations of the contracting municipalities or by individual issuance and sale of obligations to finance the proportionate share of each contracting municipality, as such shares shall be fixed pursuant to the contract. In the event that the acquisition and development of a common water supply and the construction of a water works system shall be effected by the individual action of one of the contracting municipalities, it shall be lawful for any of the other contracting municipalities to make a lump sum payment to such contracting municipality either from moneys on hand and available for such purpose or from moneys received from the issuance and sale of obligations. Nothing herein contained shall prevent the purchase or condemnation of existing sources of supply, water works systems or portions thereof necessary for the purposes of the joint project, provided, however, that there shall be no power to condemn property the legal title to which is vested in a public corporation, district corporation or a special improvement district unless the owner shall consent thereto. In the event that any source of water supply, water works system or portion thereof owned by one of the contracting municipalities is acquired for the purposes of the common supply and joint water works system, such municipality may be allowed a credit against its share of the cost equal to the agreed value of the assets so acquired.

Terms Used In N.Y. General Municipal Law 114

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • municipality: as used in this article shall mean a city, a village, a county on behalf of a county water district and a town acting on behalf of a water district or water storage and distribution district, including a water district governed by a separate board of commissioners. See N.Y. General Municipal Law 110