N.Y. Public Authorities Law Section 2049-E
Advances on behalf of authority

  • transfer of property to authority
  • acquisition of property by town for authority

1.

In addition to any powers granted to it by law, the town may by resolution advance sums of money to or on behalf of the authority to defray project costs or any other costs and expenses of the authority to be incurred prior to the first issuance of bonds. Subject to the rights of any bondholders, the moneys so appropriated shall be repaid by the authority to the town at such time and in such manner as may be agreed upon between the authority and the town board.

2.

The town or any other municipality may give, grant, sell, convey, loan or 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. Any such transfer of property shall be upon such terms and conditions, subject to the rights of any bondholders, as the authority and the town or other municpality may agree.

3.

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

Source: Section 2049-E — Advances on behalf of authority; transfer of property to authority; acquisition of property by town for authority, https://www.­nysenate.­gov/legislation/laws/PBA/2049-E (updated Sep. 22, 2014; accessed Oct. 26, 2024).

Green check means up to date. Up to date

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 2049-E’s source at nysenate​.gov

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