N.Y. Public Authorities Law 2046-E – Transfer of property
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§ 2046-e. Transfer of property. The town is authorized and empowered to give, grant, sell, convey, loan, license the use of or lease, to the agency, any property or facility of the town which is useful in connection with the exercise by the agency of its powers under this title. Any such gift, grant, sale, conveyance, loan, license or lease shall be upon such terms and conditions, subject to the rights of the holders of any bonds or notes, as the agency and the town may agree.
Terms Used In N.Y. Public Authorities Law 2046-E
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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