N.Y. Village Law 11-1100 – Contracts for water supply
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§ 11-1100 Contracts for water supply. The board of water commissioners may contract, in the name of the village, with an individual or corporation for supplying water to the village for extinguishing fires or for other public purposes; but such contracts shall not be made for a longer period than forty years. The amount of such contract shall be paid in installments in accordance with the resolution of the board authorizing same.
Terms Used In N.Y. Village Law 11-1100
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.