§ 118-C — Financing

New York § 118-C

• Jurisdiction: New York
• Law GMU: General Municipal
• Art. 5-C: Water Supply

Text

§ 118-c. Financing. Any municipal corporation shall have the power to\nenter into contracts with any public benefit corporation created\npursuant to article five of the public authorities law which is\nauthorized by law to furnish water to such municipal corporation,\nproviding for the financing of the acquisition and construction of\nimprovements to the water supply system or water distribution system of\nsuch municipal corporation. The terms of such contract may include,\namong other provisions, provisions requiring such municipal corporation\nto purchase water only from such public authority during the term of\nsuch contract, and which term shall be limited to the lesser of (i)\nthirty years or (ii) the probable useful life of the items for which any\nbonds are issued by such public benefit corporation to finance the\nacquisition and construction of improvements to such water supply system\nor water distribution system. The resolution of the municipal governing\nbody authorizing the municipality to enter into the contract for\nfinancing shall be subject to the same referendum requirements as if it\nwere a resolution of the municipality to authorize the sale of bonds for\nthe same purpose and amount. For purposes of this section, the term\n"municipal corporation" shall mean any city or village or any county on\nbehalf of a county water district or any town on behalf of a town water\ndistrict, water storage and distribution district or water improvement\narea.\n