1420-G - Conveyance of property by a municipality to the authority; acquisition of property by a municipality or by the authority.
§ 1420-g. Conveyance of property by a municipality to the authority; acquisition of property by a municipality or by the authority. 1. A participating municipality may, by resolution or resolutions of the local legislative body or by instruments authorized by such resolutions, convey, with or without consideration, to the authority real and personal property owned by such municipality for use by the authority as a project or projects or a part thereof. In case of real property so conveyed, the title thereto shall remain in such municipality but the authority shall have the use and occupancy thereof for so long as its corporate existence shall continue. In the case of personal property so conveyed, the title shall pass to the authority. 2. A municipality may acquire by lease, purchase or condemnation real property in the name of the municipality for any of the projects or for the widening of existing roads, streets, parkways, avenues or highways or for new roads, streets, parkways, avenues or highways to any of the projects, or partly for such purposes and partly for other municipal purposes, by purchase or condemnation in the manner provided by law for the acquisition of real property by the municipality. The municipality may close such streets, roads, parkways, avenues, or highways as may be necessary or convenient. 3. Contracts may be entered into between the municipality and the authority providing for the property to be conveyed by the municipality to the authority, the additional property to be acquired by the municipality and so conveyed, the streets, roads, parkways, avenues, and highways to be closed by the municipality and the amounts, terms and conditions of payment to be made by the authority. Such contracts may also contain covenants by the municipality as to the road, street, parkway, avenue and highway improvements to be made by the municipality. Any such contracts between the municipality and the authority may be pledged by the authority to secure its bonds and may not be modified thereafter except as provided by the terms of the pledge. The local legislative body may authorize such contracts between such municipality and the authority and no other authorization on the part of the municipality for such contracts shall be necessary. Any such contracts may be so authorized and entered into by the municipality and in such manner as the local legislative body of the municipality may determine, and the payments required to be made by the municipality may be made and financed notwithstanding that no provision therefor shall have first been made in the capital budget of the municipality. All contractual or other obligations of the municipality incurred in carrying out the provisions of this title shall be included in and provided for by each capital budget of the municipality thereafter made, if and to the extent that they may appropriately be included therein. 4. The authority may itself acquire real property for a project in the name of a participating municipality at the cost and expense of the authority by lease, purchase or condemnation pursuant to the condemnation law or pursuant to the laws relating to the condemnation of land by such municipality. The authority shall have the use and occupancy of such real property so long as its corporate existence shall continue. 5. In case the authority shall have the use and occupancy of any real property which it shall determine is no longer required for a project then, if such real property was acquired at the cost and expense of a municipality, the authority shall have power to surrender its use and occupancy thereof to such municipality, or, if such real property was acquired at the cost and expense of the authority, then the authority shall have power to sell, lease or otherwise dispose of said real property and shall retain and have the power to use the proceeds ofsale, rentals or other moneys derived from the disposition thereof for its purposes.