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This entry was published on 2014-09-22
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Lease agreements
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 8, TITLE 19
* § 2471. Lease agreements. 1. Any agreement entered into between the
authority and a participating municipality may provide for (i) the
construction, acquisition, reconstruction, rehabilitation or improvement
of one or more sports facilities, and (ii) the leasing thereof and of
the land upon which the same is erected and upon completion of
construction, acquisition, reconstruction, rehabilitation or improvement
for a term not exceeding forty years and upon such terms and conditions
including annual lease rental as may be agreed upon.

2. The participating municipality shall make payments to the authority
subject to local appropriation therefor in accordance with the leasing
agreement entered into pursuant to subdivision one of this section. The
authority may pledge or assign any or all moneys in the sports
facilities income fund account and in any rental reserve account
established pursuant to section twenty-four hundred seventy-two of this
title and any or all moneys which may be in either or both such accounts
in the future, whether equal to or in excess of the amount of such
payments due or becoming due in any year, and any or all right, title
and interest of the authority in and to the moneys in or to be deposited
in such fund accounts.

3. The attorney general shall pass upon the form and sufficiency and
manner of execution of any lease agreement entered into pursuant to this
section and the same shall not be effective unless so approved by him.

4. The state shall not be liable for any payments payable to the
authority by a participating municipality pursuant to the terms of a
lease agreement entered into pursuant to this section and such agreement
shall contain among its terms a statement to such effect.

* NB (Disbanded March, 1980)