N.Y. Public Authorities Law § 1470-e: Conveyance of property by the city to the authority; acquisition of property by the city or by the authority

* § 1470-e. Conveyance of property by the city to the authority;

acquisition of property by the city or by the authority. 1. The city

may, by resolution or resolutions of the common council or by

instruments authorized by such resolutions, convey, with or without

consideration, to the authority real and personal property owned by the

city for use by the authority as a project or projects or a part

thereof. In case of real property so conveyed, the title thereto shall

remain in the city but the authority shall have the use and occupancy

thereof for so long as its corporate existence shall continue. In the

case of personal property so conveyed, the title shall pass to the

authority.

2. The city may acquire by purchase or condemnation real property in

the name of the city for any of the projects or for the widening of

existing roads, streets, parkways, avenues or highways or for new roads,

streets, parkways, avenues or highways to any of the projects, or partly

for such purposes and partly for other city purposes, by purchase or

condemnation in the manner provided by law for the acquisition of real

property by the city. The city may close such streets, roads, parkways,

avenues, or highways as may be necessary or convenient.

3. Contracts may be entered into between the city and the authority

providing for the property to be conveyed by the city to the authority,

the additional property to be acquired by the city and so conveyed, the

streets, roads, parkways, avenues, and highways to be closed by the city

and the amounts, terms and conditions of payment to be made by the

authority. Such contracts may also contain covenants by the city as to

the road, street, parkway, avenue and highway improvements to be made by

the city. Any such contracts between the city and the authority may be

pledged by the authority to secure its bonds and may not be modified

thereafter except as provided by the terms of the pledge. The authority

may authorize such contracts between the city and the authority and no

other authorization on the part of the city for such contracts shall be

necessary. Any such contracts may be so authorized and entered into by

the city and in such manner as the authority may determine, and the

payments required to be made by the city may be made and financed

notwithstanding that no provision therefor shall have first been made in

the capital budget of the city. All contractual or other obligations of

the city incurred in carrying out the provisions of this title shall be

included in and provided for by each capital budget of the city

thereafter made, if and to the extent that they may appropriately be

included therein.

4. The authority may itself acquire real property for a project in the

name of the city at the cost and expense of the authority by purchase or

condemnation pursuant to the condemnation law or pursuant to the laws

relating to the condemnation of land by the city. The authority shall

have the use and occupancy of such real property so long as its

corporate existence shall continue.

5. In case the authority shall have the use and occupancy of any real

property which it shall determine is no longer required for a project

then, if such real property was acquired at the cost and expense of the

city, the authority shall have power to surrender its use and occupancy

thereof to the city, or, if such real property was acquired at the cost

and expense of the authority, then the authority shall have power to

sell at public auction, lease or otherwise dispose of said real property

and shall retain and have the power to use the proceeds of sale, rentals

or other moneys derived from the disposition thereof for its purposes.

* NB City of Rome Parking Authority ceased to exist 12/31/2000 per §

1470-b, and thereafter until all liabilities have been met/discharged,

and all bonds paid/discharged