§ 1430 — Conveyance of property by the city to the authority; acquisition of property by the city

§ 1430. Conveyance of property by the city to the authority;\nacquisition of property by the city. 1. The city may, by resolution or\nresolutions of the common council or by instruments authorized by such\nresolutions, convey, with or without consideration, to the authority\ntitle to real and personal property owned by the city for use by the\nauthority as a project or projects or a part thereof.\n 2. The city may acquire real property to be conveyed to the authority\npursuant to subdivision one of this section or for the widening of\nexisting roads, streets, parkways, avenues or highways or for new roads,\nstreets, parkways, avenues or highways to any of the projects, or partly\nfor such purposes and partly for other city purposes, by purchase or\ncondemnation in the manner provided by law for the acquisition of real\nproperty by the city. The city may close such streets, roads, parkways,\navenues, or highways as may be necessary or convenient.\n 3. Contracts may be entered into between the city and the authority\nproviding for the property to be conveyed by the city to the authority,\nthe additional property to be acquired by the city and so conveyed, the\nstreets, roads, parkways, avenues, and highways to be closed by the city\nand the amounts, terms and conditions of payment to be made by the\nauthority. Such contracts may also contain covenants by the city as to\nthe road, street, parkway, avenue and highway improvements to be made by\nthe city. Any such contracts between the city and the authority may be\npledged by the authority to secure its bonds and may not be modified\nthereafter except as provided by the terms of the pledge. The common\ncouncil may authorize such contracts between the city and the authority\nand no other authorization on the part of the city for such contracts\nshall be necessary. Any such contracts may be so authorized and entered\ninto by the city and in such manner as the common council may determine,\nand the payments required to be made by the city may be made and\nfinanced notwithstanding that no provision therefor shall have first\nbeen made in the capital budget of the city. All contractual or other\nobligations of the city incurred in carrying out the provisions of this\ntitle shall be included in and provided for by each capital budget of\nthe city thereafter made, if and to the extent that they may\nappropriately be included therein.\n 4. In case the authority shall determine that real property acquired\nat the cost and expense of the city is no longer required for its\ncorporate purposes, the authority shall have power, subject to such\nagreements with bondholders as may then exist, to reconveying such real\nproperty to the city without consideration.\n