§ 2471 — Lease agreements

New York § 2471

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 19: New York State Sports Authority
• Art. 8: Miscellaneous Authorities

Text

* § 2471. Lease agreements. 1. Any agreement entered into between the\nauthority and a participating municipality may provide for (i) the\nconstruction, acquisition, reconstruction, rehabilitation or improvement\nof one or more sports facilities, and (ii) the leasing thereof and of\nthe land upon which the same is erected and upon completion of\nconstruction, acquisition, reconstruction, rehabilitation or improvement\nfor a term not exceeding forty years and upon such terms and conditions\nincluding annual lease rental as may be agreed upon.\n 2. The participating municipality shall make payments to the authority\nsubject to local appropriation therefor in accordance with the leasing\nagreement entered into pursuant to subdivision one of this section. The\nauthority may pledge or assign any or all moneys in the sports\nfacilities income fund account and in any rental reserve account\nestablished pursuant to section twenty-four hundred seventy-two of this\ntitle and any or all moneys which may be in either or both such accounts\nin the future, whether equal to or in excess of the amount of such\npayments due or becoming due in any year, and any or all right, title\nand interest of the authority in and to the moneys in or to be deposited\nin such fund accounts.\n 3. The attorney general shall pass upon the form and sufficiency and\nmanner of execution of any lease agreement entered into pursuant to this\nsection and the same shall not be effective unless so approved by him.\n 4. The state shall not be liable for any payments payable to the\nauthority by a participating municipality pursuant to the terms of a\nlease agreement entered into pursuant to this section and such agreement\nshall contain among its terms a statement to such effect.\n * NB (Disbanded March, 1980)\n