§ 1031 — Properties acquired by the authority

New York § 1031

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 2: Albany Light, Heat and Power Authority
• Art. 5: Public Utility Authorities

Text

* § 1031. Properties acquired by the authority. The board of\nsupervisors, when appointing the authority, may adopt a resolution\nproviding, or it may by later agreement with the authority provide, that\nall properties acquired by the authority shall be acquired in or\ntransferred to the name of the county or taken and held by the authority\nas a governmental agency of the county. The board of supervisors may at\nsuch time or by a later resolution provide that the county shall raise\nall or any part of the money necessary for the purposes of this title\nand may provide a fund from which appropriations may be made by the\nboard of supervisors for the acquisition, construction and equipment of\nsuch properties, and to pay all costs, charges, expenses and liabilities\nincurred or to be incurred by the authority, or which the county may\nproperly advance to the authority for the purposes of this title. The\ncounty shall be reimbursed out of the revenues of the authority for any\nmoneys so paid. In making advances to the authority the board of\nsupervisors may require a resolution of the authority and agreements by\nit pledging the revenues of the authority to the county and giving to\nthe county a prior charge upon such revenues substantially as provided\nunder section one thousand thirty-five, and limiting the power of the\nauthority including the power to issue any obligations of its own under\nthis title. Whenever the authority shall be and continue in default for\na period exceeding thirty days in meeting any obligation it may have\nassumed to the county, the board shall also have power by resolution to\nremove any one or more or all of the members and to fill the vacancies\ncaused thereby.\n * NB Terminated July 1, 1963\n