N.Y. Second Class Cities Law § 37: Disposition of real estate; franchises

§ 37. Disposition of real estate; franchises. No ordinance shall be

passed making or authorizing a sale or lease of city real estate or of

any franchise belonging to or under the control of the city except by

vote of three-fourths of all the members of the common council. In case

of a proposed sale or lease of real estate or of a franchise, the

ordinance must provide for a disposition of the same at public auction

to the highest bidder, under proper regulations as to the giving of

security and after public notice to be published once each week for

three weeks in the official paper or papers, provided, however, that

where the real estate proposed to be sold or leased was acquired by the

city pursuant to the provisions of section seventy-two-k or

seventy-two-m of the general municipal law for the purposes set forth

therein, or where such real estate is owned by the city and devoted to

such purposes, the ordinance may provide that such real estate shall be

sold or leased to the highest responsible bidder upon sealed bids after

notice thereof has been published in the same manner as hereinbefore set

forth for sale or lease by public auction. Such notice shall contain a

statement of the time and place where all bids received in pursuance

thereof will be publicly opened and read, and pursuant to such notice,

all bids received shall be publicly opened and read at the time and

place so specified. A sale or lease of real estate or a franchise shall

not be valid or take effect unless made as aforesaid and subsequently

approved by a resolution of the board of estimate and apportionment or

other governing body. No franchise shall be granted or be operated for a

period longer than fifty years. The common council may, however, grant

to the owner or lessees of an existing franchise, under which operations

are being actually carried on, such additional rights or extensions in

the street or streets in which the said franchise exists, upon such

terms as the interest of the city may require, with or without an

advertisement, as the common council may determine; provided, however,

that no such grant shall be operative unless approved by the board of

estimate and apportionment or other governing body, and also by the

mayor.