N.Y. General Municipal Law § 120-c: Obligations and privileges relating to sewerage contracts

§ 120-c. Obligations and privileges relating to sewerage contracts.

Such sewer system, extension or part thereof shall, when accepted under

such contract, and such works, plants or stations, may if so provided

therein, pass into the use, possession, management and control of such

municipality or municipalities, and it or they shall, by proper

provision in the said contract, subject such contract to its or their

right at any time to terminate all its or their liability under the same

for such rental by paying for such system, extension or part thereof a

price named therein or to be determined in accordance with the

provisions thereof, and it or they map by proper provision in such

contract, covenant to terminate its or their liability in such manner at

a time or within a period named therein, but the sum or rental to be

paid for such use and possession or the price which must be paid for

such system, extension or part thereof in order to terminate the

liability of such municipality or municipalities under such contract,

shall not be fixed by said contract beyond a period of thirty years,

after which and at any time thereafter, if such municipality or

municipalities shall not have terminated its or their liability under

said contract, the sum or rental to be paid for the continued use and

possession of such system, extension or part thereof or the price at

which the same must be paid for in order to terminate such liability,

which sum or rental and which price shall be based on the value of such

system, extension or part thereof at any such time, shall be fixed by

agreement, or in the absence of agreement by application to a competent

court and under its order, but each such agreement or order shall be

limited to a period not exceeding ten years. And such local authorities

may also at any time contract for the maintenance and operation of any

such system, extension or part thereof, including any such works, plants

or stations or of any sewerage or sewage disposal system or part thereof

owned or used by any such municipality or municipalities.