§ 1555*2 — Conveyance of property by the village to the authority; acquisition of property by the village or by the authority

* § 1555. Conveyance of property by the village to the authority;\nacquisition of property by the village or by the authority. 1. The\nvillage may, by resolution or resolutions of the village board of\ntrustees or by instruments authorized by such resolutions, convey, with\nor without consideration, to the authority real and personal property\nowned by the village for use by the authority as a project or projects\nor a part thereof. In case of real property so conveyed, the title\nthereto shall remain in the village but the authority shall have the use\nand occupancy thereof for so long as its corporate existence shall\ncontinue. In the case of personal property so conveyed, the title shall\npass to the authority.\n 2. The village may acquire in the name of the village by purchase or\ncondemnation real property in the village for any of the projects or for\nthe widening of existing roads, streets, avenues or highways or for new\nroads, streets, avenues or highways, within a radius of one mile to any\nof the projects, or partly for such purposes and partly for other\nvillage purposes, by purchase or condemnation in the manner provided by\nlaw for the acquisition of real property by the village. For like\npurposes, the village may close such streets, roads, avenues, or\nhighways as may be necessary or convenient, except as to state highways\nand arterial ways which may not be closed without the consent of the\nstate commissioner of transportation.\n 3. Contracts may be entered into between the village and the authority\nproviding for the property to be conveyed by the village to the\nauthority, the additional property to be acquired by the village and so\nconveyed, the streets, roads, avenues, and highways to be closed by the\nvillage and the amounts, terms and conditions of payment to be made by\nthe authority. Such contracts may also contain covenants by the village\nas to the road, street, avenue and highway improvements to be made by\nthe village. Any such contracts between the village and the authority\nmay be pledged by the authority to secure its bonds and may not be\nmodified thereafter except as provided by the terms of the pledge. The\nvillage board of trustees may authorize such contracts between the\nvillage and the authority and no other authorization on the part of the\nvillage for such contracts shall be necessary. Any such contracts may be\nso authorized and entered into by the village and in such manner as the\nvillage board of trustees may determine, and the payments required to be\nmade by the village may be made and financed notwithstanding that no\nprovision therefor shall have first been made in the capital budget of\nthe village. All contractual or other obligations of the village\nincurred in carrying out the provisions of this title shall be included\nin and provided for by each capital budget of the village thereafter\nmade, if and to the extent that they may appropriately be included\ntherein.\n 4. The authority may itself acquire real property for a project in the\nname of the village at the cost and expense of the authority by purchase\nor condemnation pursuant to the condemnation law or pursuant to the laws\nrelating to the condemnation of land by the village. The authority shall\nhave the use and occupancy of such real property so long as its\ncorporate existence shall continue.\n 5. In case the authority shall have the use and occupancy of any real\nproperty which it shall determine is no longer required for a project\nthen, if such real property was acquired at the cost and expense of the\nvillage, the authority shall have power to surrender its use and\noccupancy thereof to the village, or, if such real property was acquired\nat the cost and expense of the authority, then the authority shall have\npower to sell, lease or otherwise dispose of said real property at\npublic or private sale, and shall retain and have the power to use the\nproceeds of sale, rentals, or other moneys derived from the disposition\nthereof for its purposes.\n * NB Dissolved December 31, 1977\n * NB There are 2 § 1555's\n