N.Y.
Public Authorities Law Section 2799-EEE
Advances on behalf of authority, transfer of property to authority, acquisition of property by city or authority
1.
In addition to any powers granted to it by law, the city or any other public corporation may, from time to time, appropriate by ordinance or resolution sums of money to defray project costs or any other costs and expenses of the authority including operating expenses. Subject to the rights of bondholders, the city or such other public corporation may determine if the moneys so appropriated shall be subject to repayment by the authority to the city or such other public corporation and, in such event, the manner and time or times for such repayment.2.
Notwithstanding any inconsistent provision of any general, special or local law, ordinance, resolution or charter, any public corporation may, by a majority vote of its governing body and the approval of its chief executive officer, give, grant, sell, convey, loan, license the use of or lease to the authority any property or facilities, including aviation facilities and pollution control facilities, which are 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 upon such terms and conditions, and for such term or terms of years, subject to the rights of the holders of any bonds, as the authority and such public corporation may agree. Any such gift, grant, sale, conveyance, lease, loan or license shall not be subject to referendum, permissive or mandatory. In the event that any public corporation gives, grants, sells, conveys, loans, licenses or leases any aviation facilities, real property, facilities or pollution control facilities to the authority, such public corporation may contract with the authority to lease, borrow, license, operate, maintain, manage and provide services for such real property or facilities upon such terms and conditions and for such term or terms of years, subject to the rights of holders of bonds, as the authority and such public corporation may agree. The authority, in furtherance of any purchase, conveyance or lease of any property or facility from any public corporation, may assume the primary responsibility for the payment of the principal and interest on any bonds or notes issued by such public corporation for such property or facility. For purposes of section 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 public corporation 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 public corporation may deduct from its gross indebtedness any outstanding indebtedness contracted for such property or facility to be acquired by the authority.3.
The city may acquire by purchase, grant, lease, gift or condemnation pursuant to the eminent domain procedure law real property in the name of the city 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 city from the state may be used for any corporate purpose of the authority.
Source:
Section 2799-EEE — Advances on behalf of authority, transfer of property to authority, acquisition of property by city or authority, https://www.nysenate.gov/legislation/laws/PBA/2799-EEE (updated Sep. 22, 2014; accessed Apr. 27, 2024).
