N.Y. General Municipal Law § 975: Town of Islip Foreign Trade Zone Authority

§ 975. Town of Islip Foreign Trade Zone Authority. For the benefit of

the town of Islip and the inhabitants thereof, a foreign trade zone

authority to be known as the TOWN OF ISLIP FOREIGN TRADE ZONE AUTHORITY,

is hereby established for purposes of establishing, operating, and

maintaining a Foreign Trade Zone in the town of Islip, county of

Suffolk.

It shall constitute a body corporate and politic, and be perpetual in

duration. It shall have the powers and duties now or hereafter conferred

by title one of article eighteen-A of this chapter upon industrial

development agencies and upon Suffolk county by subdivision eighteen of

section two hundred twenty-four of the county law except that: (1)

"project" shall mean any land, any building or other improvements and

all real and personal properties located within the town of Islip,

Suffolk county, including but not limited to, machinery, equipment and

other facilities deemed necessary or desirable in connection therewith,

or incidental thereto, whether or not now in existence or construction,

which shall be suitable for purposes of establishing, operating, and

maintaining a foreign trade zone in the town of Islip, county of

Suffolk; and (2) the exercise of the powers of such authority with

respect to the acquisition of real property whether by purchase,

condemnation or otherwise, shall be limited to the corporate limits of

the town of Islip, and such authority shall take into consideration the

local zoning planning regulations as well as the regional and local

comprehensive land use plans. It shall be organized in a manner

prescribed by and be subject to the provisions of title one of article

eighteen-A of this chapter, and shall have the power to contract with

the county of Suffolk for the promotion, establishment and operation of

a foreign trade zone pursuant to subdivision eighteen of section two

hundred twenty-four of the county law. Its members shall be appointed by

the governing body of the town of Islip. The authority, its members,

officers and employees and its operations and activities shall in all

respects be governed by the provisions of title one of article

eighteen-A of this chapter.

1. The town of Islip and county of Suffolk are hereby authorized to

pledge to and agree with holders of the bonds and notes that;

(a) the town and county will not limit or alter the rights hereby

vested in the authority to acquire, construct, maintain, reconstruct,

and operate any project or projects, to establish and collect rentals,

fees and other charges and to fulfill the terms of any agreements made

with the holders of the bonds and notes, or in any way impair the rights

and remedies of the bondholders or noteholders, until the bonds or

notes, together with interest thereon, with interest on any unpaid

installments of interest, and all costs and expenses in connection with

any action or proceeding by or on behalf of the bondholders or

noteholders, are fully met and discharged; and

(b) no facilities except those acquired, constructed and operated by

the authority created herein shall be acquired, constructed and operated

for foreign trade zone purposes by the town or county or by any public

benefit or other corporation whose members, or any member, are elected

or appointed by the town board of the town of Islip until the bonds or

notes, together with interest thereon, with interest on any unpaid

installment of interest, and all costs and expenses in connection with

any action or proceeding by or on behalf of the bondholders or

noteholders are fully met and discharged.

2. Any public officer or employee of the town of Islip or county of

Suffolk, selected by the authority may, with the consent of the

municipality, by which he or she has been employed, be transferred to

the authority and shall be eligible for such transfer to the authority.

The salary or compensation of any such officer or employee shall, after

such transfer, be paid and fixed by the authority. Any such officers or

employees so transferred to the authority pursuant to the provisions of

this section, who are members of or beneficiaries under an existing

pension or retirement system, shall continue to have all rights,

privileges, obligations and status with respect to such fund system or

systems as are now prescribed by law, but during the period of their

employment by the authority, all contributions to a pension or

retirement system to be paid by the employer on account of such officers

or employees, shall be paid by the authority.