N.Y. Transportation Law 27 – Power to sell and lease property; disposition of proceeds
§ 27. Power to sell and lease property; disposition of proceeds. Provided that concurrent legislation for the same purpose be enacted by the commonwealth of Pennsylvania, the said joint commission be and is hereby authorized and empowered as follows:
Terms Used In N.Y. Transportation Law 27
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
- Personal property: All property that is not real property.
(a) To sell and dispose of such real and personal property in either Pennsylvania or New York as is, in its judgment, not necessary for the proper care, maintenance and operation of such bridges as are, or may hereafter come, under its control and jurisdiction for such price or prices and under such conditions as such commission may deem proper and reasonable.
(b) To lease real estate owned by it, and which, in its judgment, is not necessary for the maintenance and operation of the bridges under its control and jurisdiction, and to grant licenses to public utility companies for the occupation of parts of bridges and other real estate now or hereafter under the control and jurisdiction of said commission, upon such terms and conditions, and for such rentals and fees, as are, in the opinion of the commission, proper and reasonable.
(c) To pay all moneys paid to it, in accordance with the provisions of this section, as follows: one-half thereof shall be paid unto the state of New York, and the remaining half thereof shall be paid unto the commonwealth of Pennsylvania, such payment to the state of New York to be deposited in the state treasury to the credit of the general fund; provided, however, that whenever the real or personal property, which the commission may desire to sell, has been acquired or secured at the sole cost and expense of the commonwealth of Pennsylvania or the state of New York, the entire net proceeds of such sale shall be paid to the state which has borne the cost of acquisition of such property.