N.Y. Pub. Auth. Law § 1232-E

Current through 2024 NY Law Chapter 553

Section 1232-E - Advances on behalf of the authority; transfer of property to authority

1. In addition to any powers granted to it by law, the county from time to time may appropriate sums of money to or on behalf of the authority to defray costs and expenses of the authority. Subject to the rights of bondholders, the county may determine if the moneys so appropriated shall be subject to repayment by the authority to the county and, in such event, the manner and time or times for such repayment.

2. The county or any other municipality may give, grant, sell, convey, loan, license the use of or lease to the authority any property or facility which is useful to the authority in order to carry out its powers under this title; provided, however, that any such transfer of property shall be upon such terms and conditions and subject to the rights of the holders of any bonds, as the authority and the county or other municipality may agree. Notwithstanding the provisions of any state or local law to the contrary, the county shall transfer to the authority any funds which were in the prior districts' accounts upon dissolution thereof, as well as any prior district fund balance held by the county on behalf of the prior districts, or grant recoveries received in connection with assets acquired by the authority from the county, which funds shall be used by the authority for the limited purposes of supporting necessary capital investments, debt service, debt service-related expenses and reserve requirements in a manner consistent with the rate stabilization program established in section six of the chapter of the laws of two thousand three which added this title.

3. Notwithstanding the foregoing, the county shall not have authority to give, grant or sell to the authority any real property upon which county owned facilities are located.

4. Notwithstanding the provisions of any other law, general, special or local to the contrary, real property acquired by the authority or the county from the state may be used for any corporate purpose of the authority.

N.Y. Pub. Auth. Law § 1232-E