§ 1622-f. 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 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 or in connection therewith and pledge and pay to the authority,
as security for its bonds, notes or other liabilities, certain revenues
and income of the village from parking facilities owned or operated by
the village. 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,
unless otherwise provided for by the authority and the village. In the
case of personal property so conveyed, the title shall pass to the
authority.

2. The village may acquire by gift, purchase or condemnation real
property in the name of the village 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 village
purposes, by gift, 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, parkways, 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 or pledged and paid by the
village to the authority, the additional property to be acquired by the
village and so conveyed, the streets, roads, parkways, 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, parkway,
avenue and highway improvements to be made by the village and as to such
matters which pertain to any conveyance or pledge and payment of moneys
or property to the authority. Any such contracts between the village and
the authority may be pledged by the authority to secure its bonds and
notes and may not be modified thereafter except as provided by the terms
of such contract and such 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. Subject to subdivision four of section sixteen hundred twenty-two-d
hereof, the authority may itself, subject to prior approval of the
village board of trustees, acquire, in the name of the village, real
property necessary or convenient in connection with any project at the
cost and expense of the authority by purchase or condemnation pursuant
to the eminent domain procedure 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.