* § 1555. Conveyance of property by the village to the authority;
acquisition of property by the village or by the authority. 1. The
village may, by resolution or resolutions of the village board of
trustees or by instruments authorized by such resolutions, convey, with
or without consideration, to the authority real and personal property
owned by the village 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 the village 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 village may acquire in the name of the village by purchase or
condemnation real property in the village for any of the 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 projects, or partly for such purposes and partly for other
village purposes, by purchase or condemnation in the manner provided by
law for the acquisition of real property by the village. For like
purposes, the village may close such streets, roads, avenues, or
highways as may be necessary or convenient, except as to state highways
and arterial ways which may not be closed without the consent of the
state commissioner of transportation.

3. Contracts may be entered into between the village and the authority
providing for the property to be conveyed by the village to the
authority, the additional property to be acquired by the village and so
conveyed, the streets, roads, avenues, and highways to be closed by the
village and the amounts, terms and conditions of payment to be made by
the authority. Such contracts may also contain covenants by the village
as to the road, street, avenue and highway improvements to be made by
the village. Any such contracts between the village 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
village board of trustees may authorize such contracts between the
village and the authority and no other authorization on the part of the
village for such contracts shall be necessary. Any such contracts may be
so authorized and entered into by the village and in such manner as the
village board of trustees may determine, and the payments required to be
made by the village may be made and financed notwithstanding that no
provision therefor shall have first been made in the capital budget of
the village. All contractual or other obligations of the village
incurred in carrying out the provisions of this title shall be included
in and provided for by each capital budget of the village 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 the village at the cost and expense of the authority by purchase
or condemnation pursuant to the condemnation law or pursuant to the laws
relating to the condemnation of land by the village. 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 the
village, the authority shall have power to surrender its use and
occupancy thereof to the village, 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 at
public or private sale, 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.

* NB Dissolved December 31, 1977

* NB There are 2 § 1555's