N.Y. Transportation Law § 27: Power to sell and lease property; disposition of proceeds

§ 27. Power to sell and lease property; disposition of proceeds.

Provided that concurrent legislation for the same purpose be enacted by

the commonwealth of Pennsylvania, the said joint commission be and is

hereby authorized and empowered as follows:

(a) To sell and dispose of such real and personal property in either

Pennsylvania or New York as is, in its judgment, not necessary for the

proper care, maintenance and operation of such bridges as are, or may

hereafter come, under its control and jurisdiction for such price or

prices and under such conditions as such commission may deem proper and

reasonable.

(b) To lease real estate owned by it, and which, in its judgment, is

not necessary for the maintenance and operation of the bridges under its

control and jurisdiction, and to grant licenses to public utility

companies for the occupation of parts of bridges and other real estate

now or hereafter under the control and jurisdiction of said commission,

upon such terms and conditions, and for such rentals and fees, as are,

in the opinion of the commission, proper and reasonable.

(c) To pay all moneys paid to it, in accordance with the provisions of

this section, as follows: one-half thereof shall be paid unto the state

of New York, and the remaining half thereof shall be paid unto the

commonwealth of Pennsylvania, such payment to the state of New York to

be deposited in the state treasury to the credit of the general fund;

provided, however, that whenever the real or personal property, which

the commission may desire to sell, has been acquired or secured at the

sole cost and expense of the commonwealth of Pennsylvania or the state

of New York, the entire net proceeds of such sale shall be paid to the

state which has borne the cost of acquisition of such property.