N.Y. Public Authorities Law § 1555*2: Conveyance of property by the village to the authority; acquisition of property by the village or by the authority

* § 1555. 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 village 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 covenants 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

village 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

village 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 31, 1977

* NB There are 2 § 1555's