§ 1430. Conveyance of property by the city to the authority;
acquisition of property by the city. 1. The city may, by resolution or
resolutions of the common council or by instruments authorized by such
resolutions, convey, with or without consideration, to the authority
title to real and personal property owned by the city for use by the
authority as a project or projects or a part thereof.

2. The city may acquire real property to be conveyed to the authority
pursuant to subdivision one of this section 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 city purposes, by purchase or
condemnation in the manner provided by law for the acquisition of real
property by the city. The city may close such streets, roads, parkways,
avenues, or highways as may be necessary or convenient.

3. 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, parkways, 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, parkway, 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 provision therefor shall have first
been made in the capital budget 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 capital budget of
the city thereafter made, if and to the extent that they may
appropriately be included therein.

4. In case the authority shall determine that real property acquired
at the cost and expense of the city is no longer required for its
corporate purposes, the authority shall have power, subject to such
agreements with bondholders as may then exist, to reconveying such real
property to the city without consideration.