N.Y. Public Authorities Law § 1232-e: Advances on behalf of the authority; transfer of property to authority

§ 1232-e. Advances on behalf of the authority; transfer of property to

authority. 1. In addition to any powers granted to it by law, the county

from time to time may appropriate sums of money to or on behalf of the

authority to defray costs and expenses of the authority. Subject to the

rights of bondholders, the county may determine if the moneys so

appropriated shall be subject to repayment by the authority to the

county and, in such event, the manner and time or times for such

repayment.

2. The county or any other municipality may give, grant, sell, convey,

loan, 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; provided, however, that any such transfer of

property shall be upon such terms and conditions and subject to the

rights of the holders of any bonds, as the authority and the county or

other municipality may agree. Notwithstanding the provisions of any

state or local law to the contrary, the county shall transfer to the

authority any funds which were in the prior districts' accounts upon

dissolution thereof, as well as any prior district fund balance held by

the county on behalf of the prior districts, or grant recoveries

received in connection with assets acquired by the authority from the

county, which funds shall be used by the authority for the limited

purposes of supporting necessary capital investments, debt service, debt

service-related expenses and reserve requirements in a manner consistent

with the rate stabilization program established in section six of the

chapter of the laws of two thousand three which added this title.

3. Notwithstanding the foregoing, the county shall not have authority

to give, grant or sell to the authority any real property upon which

county owned facilities are located.

4. Notwithstanding the provisions of any other law, general, special

or local to the contrary, real property acquired by the authority or the

county from the state may be used for any corporate purpose of the

authority.