§ 2880-A — Contracts for the financing of local water supply systems

New York § 2880-A

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 4: Contracts of Public Authorities
• Art. 9: General Provisions

Text

§ 2880-a. Contracts for the financing of local water supply systems.\nNotwithstanding any other provisions of this title or the provisions of\nany general, special or local law, any public benefit corporation\ncreated pursuant to article five of this chapter which is authorized by\nlaw to produce, develop, distribute and sell water, water services,\nfacilities and commodities shall have the power:\n 1. to enter into contracts, with any entity specified in subdivision\ntwo of this section, providing for the financing of the acquisition and\nconstruction of improvements to the water supply system or water\ndistribution system of such entity, the terms of which may include,\namong other provisions, provisions requiring such entity to purchase\nwater only from such public benefit corporation during the term of such\ncontract, which term shall be limited to the lesser of (a) thirty years\nor (b) the probable useful life of the items for which any bonds are\nissued by such public benefit corporation to finance the acquisition and\nconstruction of improvements to such water supply system or water\ndistribution system, and\n 2. to issue bonds, in accordance with the applicable provisions of\nthis chapter, to finance the acquisition and construction of\nimprovements to any water supply system or water distribution system\nowned by any water authority, municipality, county, town, village, water\ndistrict or Indian tribe to which such public benefit corporation is\nauthorized by law to furnish water.\n