Section 24-364. Utilization of water to generate electric current

The
  commissioner of environmental protection may, subject to the approval of
  the  board  of  estimate,  utilize  such  water  as  the  department  of
  environmental  protection  now  owns or as it may hereafter acquire, for
  the  purpose  of  generating  electric  current  for  the  use  of   the
  municipality,  or  may  permit  the  utilization  of  such water for the
  generation and sale of electric current by an electric corporation which
  was the owner of a developed or undeveloped water power  site  or  sites
  affected,  acquired  or damaged by the execution of a plan or project of
  the city for  an  additional  water  supply,  and  the  commissioner  of
  environmental protection, with the approval of the board of estimate, in
  connection  with  the settlement of a resultant claim for damage made by
  such  electric  corporation,  may  grant  or  lease  to  such   electric
  corporation for periods not to exceed fifty years, rights in, or to use,
  the  lands and waters of the city for the generation of electric current
  as herein provided,  for  such  consideration  and  on  such  terms  and
  conditions  as  are,  in  the  opinion  of the commissioner, in the best
  interests of the city of New  York,  including  but  not  limited  to  a
  general  release of such claim, provided that such grant or lease may be
  made at the time of settlement of the claim as above  provided  but  the
  period of use under the terms of the lease or grant, not to exceed fifty
  years, may commence when generation of electric current thereunder shall
  begin,  provided that no additional water shall be used for such purpose
  than would otherwise be required by the city.