N.Y. Public Authorities Law § 1550: Conveyance of property by the village to the authority; acquisition of property by the village or by the authority

* § 1550. Conveyance of property by the village to the authority;

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

village may, by resolution or resolutions of the board of trustees or by

instruments authorized by such resolutions, convey, with or without

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

village 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 village 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 village may acquire in the name of the village by purchase or

condemnation real property in the village for any of the projects or for

the widening of existing roads, streets, avenues or highways, or for new

roads, streets, avenues or highways, within a radius of one mile to any

of the projects, or partly for such purposes and partly for other

village purposes, by purchase or condemnation in the manner provided by

law for the acquisition of real property by the village. For like

purposes, the village may close such streets, roads, avenues, or

highways as may be necessary or convenient, except as to state highways

and arterial ways which may not be closed without the consent of the

state commissioner of transportation.

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

providing for the property to be conveyed by the village to the

authority, the additional property to be acquired by the village and so

conveyed, the streets, roads, avenues, and highways to be closed by the

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

the authority. Such contracts may also contain convenants by the village

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

the village. Any such contracts between the village 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

board of trustees may authorize such contracts between the village and

the authority and no other authorization on the part of the village for

such contracts shall be necessary. Any such contracts may be so

authorized and entered into by the village and in such manner as the

board of trustees may determine, and the payments required to be made by

the village may be made and financed notwithstanding that no provision

therefor shall have first been made in the capital budget of the

village. All contractual or other obligations of the village incurred in

carrying out the provisions of this title shall be included in and

provided for by each capital budget of the village 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 village 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 village. 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

village, the authority shall have power to surrender its use and

occupancy thereof to the village, or, if such real property was acquired

at the cost and expense of the authority, then the authority shall have

power to sell, lease or otherwise dispose of said real property at

public or private sale, 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 Dissolved December 1977

* NB There are 2 § 1550's