Section 503-A. Cooperation with agencies

For  the purpose of aiding an
  agency established pursuant to the provisions of  article  fifteen-A  of
  this chapter a municipality may:
    1. Delegate to such agency such of its powers enumerated under section
  five hundred three of this article as it may deem appropriate, necessary
  or  desirable  to effectuate the purposes and provisions of this article
  and as are not inconsistent with the powers reserved  to  the  governing
  body  or the commission under this article or the powers granted to such
  agencies in article fifteen-A of this chapter.
    2. Enter into agreements with such  agency  respecting  action  to  be
  taken  by  the  municipality  to  assist such agency in carrying out and
  effectuating the purposes and provisions of this article and of  article
  fifteen-A of this chapter. Such agreements may extend over any period of
  time necessary to carry out and effectuate such purposes and provisions,
  notwithstanding any provision or rule of law to the contrary.
    3.  Appropriate  and  expend  money and guarantee the principal of and
  interest on, or only the interest on, indebtedness  contracted  by  such
  agency  for  the  purpose  of aiding such agency in the carrying out and
  effectuating of any urban renewal program within such municipality.  Any
  obligations issued for such object or purpose shall  be  authorized  and
  issued in the manner provided and subject to the provisions of the local
  finance law. Such obligations or guarantees shall be deemed to be issued
  or made for the purpose of effectuating an urban renewal program and the
  period  of probable usefulness of said object or purpose shall be as set
  forth in subdivision forty-one-a of section 11.00 of the  local  finance
  law.
    Any  guarantee  by  a  municipality of indebtedness contracted by such
  agency shall be authorized by a resolution of the finance board  of  the
  municipality  (as  defined  in  the local finance law), which resolution
  shall be adopted by at least a  two-thirds  vote  of  the  total  voting
  strength  of  the  finance board and shall prescribe the manner in which
  such guarantee shall be evidenced. If the authorization of the  issuance
  of  obligations  for  such  object  or  purpose  by  the municipality is
  required by law to be subject to a permissive or  mandatory  referendum,
  then  the  authorization  of the guarantee of indebtedness contracted by
  such agency for such object or purpose shall also be subject to  such  a
  referendum.  Such  referendum shall be governed by the provisions of the
  local finance law applicable to such permissive or mandatory  referendum
  in such municipality.
    4.  For  the  purpose  of  aiding  such  agency  in  carrying  out and
  effectuating the purposes and provisions of this article and of  article
  fifteen-A  of  this  chapter,  with  or  without consideration as it may
  determine,  (a)  dedicate,  sell,  convey,  lease,  grant  or  otherwise
  transfer  any  of its right, title and interest in any property, real or
  personal, to such agency, or grant  easements,  licenses  or  privileges
  therein  to  such  agency;  (b) make advances, loans, grants, subsidies,
  contributions and any other form of financial assistance to such agency;
  (c) incur the entire expense of any public  improvements  or  facilities
  necessary  or  desirable  under  the  urban  renewal plan; (d) dedicate,
  close, vacate, pave, install, grade and plan, streets, roads,  sidewalks
  or  other  public  ways and places; (e) plan, replan, zone or rezone any
  area of  the  municipality  or  make  variances  to  building  codes  or
  regulations;  and  (f)  cause  administrative,  police, sanitation, fire
  protection or other municipal services to be furnished to the agency.
    5. Do all other things necessary or convenient to carry out the  above
  powers  and  to  insure the expeditious undertaking and completion of an
  urban renewal program, or part thereof, by such agency.