N.Y. Public Authorities Law § 2505: Acquisition of real property for the authority and contracts with the city

* § 2505. Acquisition of real property for the authority and contracts

with the city. 1. The city may, by resolution of the board of estimate,

or by deed authorized by such a resolution, convey for so long as the

authority's corporate existence shall continue, lease for not more than

ninety-nine years or grant other authorizations with or without

consideration, to the authority for the use and occupancy of the

authority or any subsidiary of the authority for its corporate purposes,

real property then owned by the city and such conveyance, lease or

authorization may reserve to the city such rights as may be agreed upon

between the city and the authority.

2. The city may acquire real property in the name of the city for

conveyance or lease to the authority pursuant to subdivision one of this

section or for the management or operation thereof by the authority

pursuant to subdivision four of this section or for the purpose of the

widening of existing roads, streets, parkways, avenues or elevated

highways connecting with such real property or 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 shall have power to acquire by condemnation property already

devoted to another public use. Such roads, streets, parkways, avenues

and elevated highways connected with such real property shall be

operated, maintained and reconstructed by the city, and except as agreed

upon between the city and the authority, with the approval of the board

of estimate, the city shall have exclusive jurisdiction over them.

2-a. Notwithstanding the provisions of any general, special or local

law or charter, the city is hereby empowered to purchase or lease from

the authority for a term not exceeding ninety-nine years a sports

facility, or enter into any other agreement relating to a sports

facility, upon such terms and conditions as may be agreed upon by the

city and the authority.

3. Notwithstanding the provisions of section 107.00 of the local

finance law, for the purpose of financing and paying for the cost of the

acquisition of such property and the renovation thereof the city is

hereby authorized and empowered, without providing from current funds

any part of such costs or otherwise complying with the provisions of

such section 107.00 but upon compliance with all other applicable

provisions of the local finance law, to issue bonds and notes and to

make expenditures from the proceeds of such bonds and notes or from any

fund into which such proceeds are paid. Notwithstanding the provisions

of section 11.00 of the local finance law, the period of probable

usefulness for the effectuation of any of the objects or purposes in

connection with the acquisition or renovation of such real property is

hereby determined to be forty years. Nothing herein contained, however,

shall prevent the application of the period of probable usefulness

prescribed in any subdivision of said section 11.00 of the local finance

law for any object or purpose constituting a separable part of such

objects and purposes.

4. The city may enter into agreements with the authority for the

management or operation in whole or in part of a sports facility owned

or acquired by the city.

5. Subject to the approval of the board of estimate, the city may

enter into agreements with the authority to pay for planning, design and

feasiblity studies undertaken or caused to be undertaken by the

authority.

6. Since the authority's continued discharge of its public and

governmental purposes is of benefit to the city, the city shall pay,

within the appropriations available therefor, if any, the expenses of

the establishment and continued operation of the authority.

7. Notwithstanding any other provision of law, the city shall have the

power to contract indebtedness and to issue its obligations pursuant to

the local finance law for the purpose of financing any payment

authorized to be made by the city pursuant to subdivisions four, five or

six of this section. Any such payment shall constitute an object or

purpose for which the period of probable usefulness is hereby determined

to be five years.

* NB (Discontinued-Board of Directors never appointed)