§ 403. Additional powers of municipality. In addition to the powers which it may now have, any municipality shall have power under this article; (a) to acquire by gift, purchase, or the exercise of the right of eminent domain, to construct, reconstruct, improve, better or extend any undertaking, within or without the municipality, or partially within or partially without the municipality, and to acquire by gift, purchase, or the exercise of the right of eminent domain, lands or rights in lands or water rights in connection therewith, (b) to operate and maintain any undertaking within or without the territorial boundaries of the municipality, (c) to prescribe and collect rates, fees, tolls, charges for the services, facilities and commodities furnished by such undertaking and (d) to pledge to the punctual payment of any bonds issued to carry out any of the purposes of this article and interest on such bonds an amount of revenues of such undertaking (including improvements, betterments, or extensions thereto, thereafter constructed or acquired) or of any part of such undertaking, sufficient to pay said bonds and interest as the same shall become due and to create and maintain reasonable reserves therefor. Such amount may consist of all or any part or portion of such revenues.

Terms Used In N.Y. General Municipal Law 403

  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • municipality: shall mean a county, town, city or village. See N.Y. General Municipal Law 401
  • undertaking: shall include the following revenue-producing undertakings, whether now existing or hereafter acquired or constructed: Causeways, tunnels, viaducts, bridges and other crossings; highways, parkways, airports, docks, piers and wharves; systems, plants, works, instrumentalities and properties used or useful in connection with (i) the obtaining of a water supply and the collection, treatment and disposal of water for public and private uses, (ii) the collection, treatment and disposal of sewage, waste and storm water, and (iii) resource recovery from municipal solid waste through the use of structures, machinery or devices involving the separation, extraction and recovery of useable materials, energy or heat; together with all parts of any such undertaking and all appurtenances thereto including lands, easements, rights of way, contract rights, franchises, approaches, connections, dams, reservoirs, sewage disposal plants, intercepting sewers, trunk, connecting and other sewer and water mains, filtration works, pumping stations and equipment. See N.Y. General Municipal Law 401
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