N.Y. Public Authorities Law 2642-I – Advances on behalf of authority; transfer of property to authority; acquisition of property for authority
§ 2642-i. 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, any participating county may by resolution advance sums of money to or on behalf of the authority to defray costs or expenses of the authority to be incurred prior to the first issuance of bonds. Subject to the rights of any bondholders, the moneys so appropriated may be repaid by the authority to the participating county at such time and in such manner as may be agreed upon between the authority and the participating county.
Terms Used In N.Y. Public Authorities Law 2642-I
- 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. Any participating county or any municipality along the southern tier extension railroad line may by resolution give, grant, sell, convey, lend, or 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 any bondholders, as the authority and the participating county or the municipality may agree.
3. Notwithstanding the provisions of any other law, general, special, or local, real property acquired by the authority or any participating county from the state may be used for any corporate purpose of the authority.