N.Y. Public Authorities Law 2049-DD – Advances on behalf of authority; transfer of property to authority; acquisition of property for authority
§ 2049-dd. Advances on behalf of authority; transfer of property to authority; acquisition of property for authority. 1. In addition to any powers granted to it by law, the legislative body of the counties may, from time to time, appropriate by resolution sums of money to defray project costs or any other costs and expenses of the authority. Subject to the rights of bondholders, each such legislative body may determine if the moneys so appropriated shall be subject to repayment by the authority to any such county and, in such event, the manner and time or times for such repayment.
Terms Used In N.Y. Public Authorities Law 2049-DD
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. The counties or any other municipality within the area of operation, may give, grant, sell, convey, loan, license the use of or lease to the authority any property or facility which is useful in connection with the exercise by the authority of its powers under this title. Any such gift, grant, sale, conveyance, loan, license or lease shall be for such consideration, be upon such terms and conditions, subject to the rights of the holders of any bonds, as the authority and such county or other municipality may agree. Any such gifts, grant, sale, conveyance, loan or license shall not be subject to referendum, permissive or mandatory. The authority, in furtherance of any purchase, conveyance or lease of any property or facility from any county or other municipality, may assume the primary responsibility for the payment of the principal and interest on any bonds or notes issued by such county or other municipality for such property or facility. For purposes of § 136.00 of the local finance law, any agreement by the authority to assume the primary responsibility for the payment of the principal and interest on any bonds or notes issued by any such county or other municipality shall, so long as such agreement shall continue to be honored by the authority, cause such bonds or notes to be deemed to have been refunded and any such county or other municipality may deduct from its gross indebtedness any outstanding indebtedness contracted for such property or facility to be acquired by the authority.
3. The counties may acquire by purchase or condemnation real property in the name of such counties or county for any corporate purpose of the authority.
4. Notwithstanding the provisions of any other law, general, special or local, real property acquired by the authority or the counties from the state may be used for any corporate purpose of the authority.