N.Y. Public Authorities Law 1199-FFF – Advances on behalf of the authority; transfer of property to the authority; acquisition of property by the county for authority
§ 1199-fff. Advances on behalf of the authority; transfer of property to the authority; acquisition of property by the county for authority. 1. In addition to any powers granted to it by law, the county from time to time may appropriate sums of money to or on behalf of the authority to defray project costs or any other costs and expenses of the authority. Subject to the rights of bondholders, the moneys so appropriated shall be subject to repayment by the authority to the county in such manner and at such time or times as set by the county for such repayment.
Terms Used In N.Y. Public Authorities Law 1199-FFF
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. The county or any other municipality may give, grant, sell, convey, loan, license the use of or lease to the authority any property or facility which is useful to the authority in order to carry out its powers under this title. Any such transfer of property shall be upon such terms and conditions, subject to the rights of the holders of any bonds, as the authority and the county or other municipality may agree.
3. The county may acquire by purchase or by exercise of the power of eminent domain real property in the name of the county for any corporate purpose of the authority.
4. Notwithstanding the provisions of any other law, general, special or local to the contrary, real property acquired by the authority or the county from the state may be used for any corporate purpose of the authority.