New York § 1232-E Advances on behalf of the authority; transfer of property to authority

New York Statutes

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

New York·Law PBA Public Authorities·Title 10-D Nassau County Sewer and Storm Water Finance Authority·Art. 5 Public Utility Authorities

§ 1232-e. Advances on behalf of the authority; transfer of property to\nauthority.

1.In addition to any powers granted to it by law, the county\nfrom time to time may appropriate sums of money to or on behalf of the\nauthority to defray costs and expenses of the authority. Subject to the\nrights of bondholders, the county may determine if the moneys so\nappropriated shall be subject to repayment by the authority to the\ncounty and, in such event, the manner and time or times for such\nrepayment.\n 2. The county or any other municipality may give, grant, sell, convey,\nloan, license the use of or lease to the authority any property or\nfacility which is useful to the authority in order to carry out its\npowers under this title; provided, however, that any such transfer of\nproperty shal

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§ 1232-e. Advances on behalf of the authority; transfer of property to\nauthority. 1. In addition to any powers granted to it by law, the county\nfrom time to time may appropriate sums of money to or on behalf of the\nauthority to defray costs and expenses of the authority. Subject to the\nrights of bondholders, the county may determine if the moneys so\nappropriated shall be subject to repayment by the authority to the\ncounty and, in such event, the manner and time or times for such\nrepayment.\n 2. The county or any other municipality may give, grant, sell, convey,\nloan, license the use of or lease to the authority any property or\nfacility which is useful to the authority in order to carry out its\npowers under this title; provided, however, that any such transfer of\nproperty shall be upon such terms and conditions and subject to the\nrights of the holders of any bonds, as the authority and the county or\nother municipality may agree. Notwithstanding the provisions of any\nstate or local law to the contrary, the county shall transfer to the\nauthority any funds which were in the prior districts' accounts upon\ndissolution thereof, as well as any prior district fund balance held by\nthe county on behalf of the prior districts, or grant recoveries\nreceived in connection with assets acquired by the authority from the\ncounty, which funds shall be used by the authority for the limited\npurposes of supporting necessary capital investments, debt service, debt\nservice-related expenses and reserve requirements in a manner consistent\nwith the rate stabilization program established in section six of the\nchapter of the laws of two thousand three which added this title.\n 3. Notwithstanding the foregoing, the county shall not have authority\nto give, grant or sell to the authority any real property upon which\ncounty owned facilities are located.\n 4. Notwithstanding the provisions of any other law, general, special\nor local to the contrary, real property acquired by the authority or the\ncounty from the state may be used for any corporate purpose of the\nauthority.\n

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