N.Y. Public Authorities Law § 2471: Lease agreements

* § 2471. Lease agreements. 1. Any agreement entered into between the

authority and a participating municipality may provide for (i) the

construction, acquisition, reconstruction, rehabilitation or improvement

of one or more sports facilities, and (ii) the leasing thereof and of

the land upon which the same is erected and upon completion of

construction, acquisition, reconstruction, rehabilitation or improvement

for a term not exceeding forty years and upon such terms and conditions

including annual lease rental as may be agreed upon.

2. The participating municipality shall make payments to the authority

subject to local appropriation therefor in accordance with the leasing

agreement entered into pursuant to subdivision one of this section. The

authority may pledge or assign any or all moneys in the sports

facilities income fund account and in any rental reserve account

established pursuant to section twenty-four hundred seventy-two of this

title and any or all moneys which may be in either or both such accounts

in the future, whether equal to or in excess of the amount of such

payments due or becoming due in any year, and any or all right, title

and interest of the authority in and to the moneys in or to be deposited

in such fund accounts.

3. The attorney general shall pass upon the form and sufficiency and

manner of execution of any lease agreement entered into pursuant to this

section and the same shall not be effective unless so approved by him.

4. The state shall not be liable for any payments payable to the

authority by a participating municipality pursuant to the terms of a

lease agreement entered into pursuant to this section and such agreement

shall contain among its terms a statement to such effect.

* NB (Disbanded March, 1980)