§ 1500-e. Conveyance of property by the city to the authority;
acquisition of property by the city or by the authority. 1. The city
may, by resolution or resolutions of the common council or by
instruments authorized by such resolutions, convey, with or without
consideration, and upon appropriate conditions as to outstanding city
bonds appertaining thereto, to the authority real and personal property
owned by the city for use by the authority as a covered project or
covered projects or a part thereof. In case of real property so
conveyed, the title thereto shall remain in the city 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. The city may acquire in the name of the city by purchase or
condemnation real property in the city for any of the covered projects
or for the widening of existing roads, streets, avenues or highways, or
for new roads, streets, avenues or highways within a radius of one mile
to any of the covered projects, or partly for such purposes and partly
for other city purposes, by purchase or condemnation in the manner
provided by law for the acquisition of real property by the city. For
like purposes, the city may close such streets, roads, avenues, or
highways as may be necessary or convenient, except as to state highways
and arterial ways which shall not be closed without the consent of the
New York state commissioner of transportation.

3. Subject to the approval of the common council, contracts may be
entered into between the city and the authority providing for the
property to be conveyed by the city to the authority, the additional
property to be acquired by the city and so conveyed, the streets, roads,
avenues, and highways to be closed by the city and the amounts, terms
and conditions of payment to be made by the authority. Such contracts
may also contain covenants by the city as to the road, street, avenue
and highway improvements to be made by the city. Any such contracts
between the city 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 common council may authorize such
contracts between the city and the authority and no other authorization
on the part of the city for such contracts shall be necessary. Any such
contracts may be so authorized and entered into by the city and in such
manner as the common council may determine, and the payments required to
be made by the city may be made and financed notwithstanding that no
provisions therefor shall have first been made in the annual
appropriations of the city. All contractual or other obligations of the
city incurred in carrying out the provisions of this title shall be
included in and provided for by each annual appropriation of the city
thereafter made, if and to the extent that they may appropriately be
included therein.

4. The authority may, subject to the approval of the common council of
the city, itself acquire real property for a covered project in the name
of the city at the cost and expense of the authority by purchase. 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 covered
project then, if such property was acquired at the cost and expense of
the city, the authority shall have the power to surrender its use and
occupancy thereof to the city, or, if such real property was acquired at
the cost and expense of the authority, then the authority shall have the
power to sell, lease or otherwise dispose of said real property at
public or private sale, subject to applicable provisions of law, and
shall retain and have the power to use the proceeds of sale, rentals, or
other moneys derived from the disposition thereof for its purposes.