N.Y. Transportation Corporations Law § 120: Option

§ 120. Option. (a) The local governing body may, at the time of

granting the consent to incorporation, require an option to purchase the

system from the corporation or at any time shall have the right to

purchase or acquire it by condemnation. The local governing body may

exercise this option by serving written notice on the corporation, not

less than ninety nor more than one hundred eighty days before the date

of the taking.

(b) In Suffolk county and Saratoga county, the county sewer agency

having the prior consent of the local governing body and the county

legislature or a county district shall have an option to purchase the

sewer system from the corporation by paying the cost thereof and for all

additions and improvements as certified by the engineer as of the date

of completion thereof pursuant to section one hundred eighteen, less

depreciation on a schedule initially agreed upon but not to exceed

thirty years, together with the cost of the land and other costs thereof

as of the date of completion. The said county agency or county district

may exercise its option by serving written notice on the corporation not

less than ninety nor more than one hundred eighty days before the date

of taking. The county agency or county district may, instead of making

any cash payment agreed or required to be made to the corporation as

compensation for such sewer system and land, elect to agree to pay the

principal of and interest on outstanding bonds and mortgages issued by

or on behalf of such corporation, having a principal amount not

exceeding the amount of such cash payment, as such principal and

interest shall become due and payable. In the event the county agency

does undertake to purchase, maintain and operate such sewer system, it

shall do so at the rates established from time to time and agreed to

between the county agency and the local governing body, with the costs,

including delinquent accounts, assessed against the users until such

time as the sewer system is included in a sewer district which shall

maintain and operate the sewer system. Notwithstanding the foregoing

provisions, in Suffolk county and Saratoga county a county district may

elect to acquire the sewer system, including any and all plant sites and

other real property pursuant to the provisions of the eminent domain

procedure law and in such event the provisions of such law shall apply.