N.Y. General Municipal Law 911-A – Suffolk county industrial development agency
* § 911-a. Suffolk county industrial development agency. 1. For the benefit of Suffolk county and the inhabitants thereof, an industrial development agency, to be known as the SUFFOLK COUNTY INDUSTRIAL DEVELOPMENT AGENCY, is hereby established for the accomplishment of any or all of the purposes specified in title one of article eighteen-A of this chapter. It shall constitute a body corporate and politic, and be perpetual in duration. It shall have the powers and duties now or hereafter conferred by title one of article eighteen-A of this chapter upon industrial development agencies and provided that the exercise of the powers by such agency with respect to the acquisition of real property whether by purchase, condemnation or otherwise, shall be limited to the corporate limits of the county of Suffolk, and such agency shall be subject to the local town and village zoning and planning regulations and take into consideration the regional and local comprehensive land use plans. It shall be organized in a manner prescribed by and be subject to the provisions of title one of article eighteen-A of this chapter. Its members shall be appointed by the governing body of the county of Suffolk. The agency, its members, officers and employees and its operations and activities, except as provided specifically herein, shall in all respects be governed by the provisions of title one of article eighteen-A of this chapter.
Terms Used In N.Y. General Municipal Law 911-A
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. In addition to the powers and duties now or hereafter conferred by title one of article eighteen-A of this chapter, the agency shall have the power (i) to acquire a lease-hold interest in, to reconstruct, construct additions to, own, maintain, equip and to lease or sell its interest in the sewer system or any part thereof for the collection, conveyance, treatment and disposal of sewage of the Southwest sewer district of the county of Suffolk, which may include any or all right, title and interest of the county of Suffolk, or of the Southwest sewer district of said county, in and to any land and rights in land, any buildings, structures and improvements now or at any time hereafter erected or constructed upon such land or rights in land, any fixtures attached thereto, and any personal property of any kind and description, whether the same is a structural or nonstructural component, and any alterations, replacements, additions or substitutions for any of the foregoing, and (ii) to finance the foregoing, or any part thereof, through the issuance of its bonds and notes.
3. Notwithstanding any inconsistent provision of law, all of the terms and conditions with respect to the bonds and notes authorized by subdivision two hereof, including but not limited to the fees to be paid for the preparation or servicing thereof, the financing agreements, resolutions or arrangements needed or required to carry out the provisions of such subdivision, and all indemnification agreements shall be subject to the prior approval of the state comptroller.
* NB Agency expires per §§ 856 and 882