N.Y. Public Authorities Law 2050-D – Transfer of property to agency; acquisition of property by county for agency
§ 2050-d. Transfer of property to agency; acquisition of property by county for agency. 1. The county or any other municipality may give, grant, sell, convey, loan, license the use of or lease to the agency any property or facility which is useful in connection with the exercise by the agency of its powers under this title. Any such gift, grant, sale, conveyance, loan, license or lease shall be upon such terms and conditions, subject to the rights of the holders of any bonds, as the agency and the county or other municipality may agree.
Terms Used In N.Y. Public Authorities Law 2050-D
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. The county may acquire by purchase or condemnation real property in the name of the county for any corporate purpose of the agency.
3. Notwithstanding the provisions of any other law, general, special or local, real property acquired by the agency or the county from the state may be used for any corporate purpose of the agency.