Section 970-N. Joint undertakings

Two  or  more  municipalities  may in
  combination jointly exercise  the  powers  granted  under  this  article
  pursuant to either subdivision (a) or (b) of this section.
    (a)  (i)  The  legislative bodies of two or more municipalities acting
  separately may each by resolution designate the legislative body of  one
  of  the  municipalities  to  act  as  agent  for  all  of the interested
  municipalities.
    (ii) If one agent is designated pursuant to this subdivision, it shall
  obtain the report and recommendation of  the  planning  agency  of  each
  municipality  on the redevelopment plan and its conformity to the master
  plan of each municipality before presenting the  redevelopment  plan  to
  the  legislative  body  of each municipality. In order for a preliminary
  plan to be adopted or for a redevelopment plan to be adopted or  amended
  approval  must be obtained by resolution of the legislative body of each
  municipality acting separately. The  legislative  body  which  has  been
  designated  as  agent,  the  municipality  which  such  legislative body
  represents and the planning agency of such  municipality  shall,  unless
  otherwise  provided  by  this section, exercise all other powers, duties
  and responsibilities for the purpose of redevelopment pursuant  to  this
  article in the same manner as if such municipality were acting alone.
    (iii)  If  two  or  more  municipalities  jointly  exercise the powers
  granted under this subdivision  and  a  redevelopment  plan  as  adopted
  provides  for  the  allocation of real property tax revenues pursuant to
  section nine hundred sixty-o of this article the real property taxes  of
  each municipality shall be allocated pursuant to such section.
    (iv) If two or more municipalities jointly exercise the powers granted
  under  this  subdivision  and the redevelopment plan as adopted provides
  for the issuance  of  indebtedness  pursuant  to  section  nine  hundred
  sixty-o  of  this  article,  such  indebtedness  shall  either be issued
  jointly  by  the  municipalities  and  the  resolution  authorizing  the
  issuance  of  such indebtedness must be approved by the legislative body
  of each municipality acting separately or shall be issued by  resolution
  of  the the designated agent on behalf of the municipality it represents
  and, by resolution of its  legislative  body,  each  municipality  shall
  irrevocably  pledge  the  revenues  allocated  pursuant  to section nine
  hundred sixty-p of this article to the repayment  of  such  indebtedness
  and any interest thereon.
    (v)  The joint exercise of powers authorized by this subdivision shall
  be permitted only for the purpose of redevelopment of  an  area  located
  wholly within each municipality.
    (b)  (i) The legislature may by special act establish on behalf of and
  for the benefit of more than one municipality, a municipal redevelopment
  authority or empower an existing public corporation  to  carry  out  the
  purposes  and  provisions  of  this article. Upon the establishment of a
  municipal  redevelopment  authority  the  legislative   body   of   each
  municipality shall file within one year after the effective date of such
  special  act,  in  the  office  of the secretary of state, a certificate
  setting forth (1) the date of passage of such special act; (2) the  name
  of  the  authority;  and  (3) the name or names of the member or members
  appointed by such governing body and their terms of  office.  Each  such
  certificate  shall  be  accompanied  by  a  copy  of  the intermunicipal
  agreement under which membership on the authority is  apportioned  among
  the  sponsoring municipalities and a copy of the local law approving the
  same. Such authority shall be deemed to be and  shall  be  in  existence
  upon   the  satisfactory  filing  and  receipt  of  the  certificate  or
  certificates  required  by  this  paragraph  and  shall  thereafter   be
  perpetual in duration.

    (ii)   A  municipal  redevelopment  authority  shall  be  a  corporate
  governmental agency constituting a public benefit corporation. Except as
  otherwise provided by special act of the legislature, an authority shall
  consist of not less than five nor more  than  nine  members.  Membership
  shall  be  apportioned  among  the  municipalities,  and  the  manner of
  selection of  a  chairman  determined  by  an  intermunicipal  agreement
  approved  by local law by each such municipality. Members shall serve at
  the pleasure of the appointing authority, and each member shall continue
  to hold office until his successor is appointed and has  qualified.  The
  governing  body  shall file with the secretary of state a certificate of
  appointment or reappointment of any member appointed or  reappointed  by
  it.  Members  shall receive no compensation for their services but shall
  be entitled  to  reimbursement  of  the  necessary  expenses,  including
  traveling expenses, incurred in the discharge of their duties. No action
  shall  be taken by an authority except pursuant to the favorable vote of
  a majority of the members then in office. Any one or more of the members
  of an authority may be an official or an employee of such  municipality.
  In  the event that an official or an employee of such municipality shall
  be appointed as a member of the agency, acceptance or retention of  such
  appointment  shall not be deemed a forfeiture of his municipal office or
  employment,  or  incompatible  therewith  or  affect   his   tenure   or
  compensation  in any way. The term of office of a member of an authority
  who is an official or an employee of such municipality when appointed as
  a member  thereof  by  special  act  of  the  legislature  creating  the
  authority shall terminate at the expiration of the term of his municipal
  office.  Upon  creation of an authority, from time to time the governing
  body of a municipality, may, by resolution, appropriate sums of money to
  defray the expenses of the authority.
    (iii) Unless otherwise provided by this subdivision or by the  special
  act  of the legislature establishing a municipal redevelopment authority
  or empowering an existing public corporation to carry out  the  purposes
  and  provisions  of  this  article, such authority or public corporation
  shall  have  the  powers,  duties   and   responsibilities   granted   a
  municipality  and its legislative body pursuant to sections nine hundred
  sixty-d through nine hundred sixty-m of this article,  as  well  as  the
  authority  to  receive the taxes of each municipality allocated and paid
  pursuant to section nine hundred sixty-p of this article. Such authority
  or public corporation shall have the power to designate survey areas and
  select project areas as provided by sections nine  hundred  sixty-d  and
  nine   hundred  sixty-e  of  this  article.  Such  authority  or  public
  corporation shall obtain the report and recommendation of  the  planning
  agency of each municipality on the redevelopment plan and its conformity
  to   the   master  plan  of  each  municipality  before  presenting  the
  redevelopment plan to the legislative  body  of  each  municipality.  In
  order  for  a preliminary plan to be adopted or for a redevelopment plan
  to be adopted or amended approval must be obtained by resolution of  the
  legislative body of each municipality acting separately.
    (iv) The authority or public corporation shall have the power to apply
  for  and  to accept any gifts or grants or loans of funds or property or
  financial or other aid in any form from the federal  government  or  any
  agency  or  instrumentality  thereof, or from the state or any agency or
  instrumentality thereof or from any other source, for any or all of  the
  purposes  specified  in  this  article,  and  to  comply, subject to the
  provisions of this article, with the terms and conditions thereof.
    (v) (1) An authority or public corporation shall have the  powers  and
  duties  granted  municipalities pursuant to section nine hundred sixty-o
  of this article to issue tax increment  bonds  and  tax  increment  bond
  anticipation notes. Such bonds and notes shall be bonds and notes of the

  authority   or   public  corporation  and  neither  the  state  nor  any
  municipality shall be liable on such bonds and notes and such bonds  and
  notes shall not be a debt of the state or of any municipality.
    (2)  The  bonds  and  notes  of an authority or public corporation are
  hereby made securities in which all public officials and bodies  of  the
  state  and  all municipalities, all insurance companies and associations
  and other persons carrying on an insurance business, all banks, bankers,
  trust companies,  savings  banks  and  savings  associations,  including
  savings  and  loan  associations, investment companies and other persons
  carrying  on  a  banking  business,   and   administrators,   guardians,
  executors,   trustees  and  other  fiduciaries  and  all  other  persons
  whatsoever, who are now or may hereafter  be  authorized  to  invest  in
  bonds or other obligations of the state, may properly and legally invest
  funds including capital in their control or belonging to them. The bonds
  and  notes  are  also hereby made securities which may be deposited with
  and may be received by all public officers and bodies of this state  and
  all  municipalities  for  any purposes for which the deposit of bonds or
  other obligations of this state is now or hereafter may be authorized.
    (3) The state does hereby pledge to and agree with the holders of  any
  bonds and notes issued by an authority or public corporation pursuant to
  this  article  that  the state will not alter or limit the rights hereby
  vested in the authority to fulfill the terms of any agreement made  with
  or  for the benefit of such holders, or in any way impair the rights and
  remedies of such holders, until the bonds or notes,  together  with  the
  interest  thereon, with interest on any unpaid installments of interest,
  and all costs and expenses in connection with any action  or  proceeding
  by  or  on  behalf  of  such  holders,  are fully met and discharged. An
  authority or public corporation is authorized to include this pledge and
  agreement of the state in any agreement with such holders.
    (vi) Any bonds or notes  issued  pursuant  to  this  article  and  the
  interest  thereon as well as the revenues, moneys and all other property
  and activities of an authority or public  corporation  shall  be  exempt
  from  taxation for municipal and state purposes, except for transfer and
  estate taxes. The state hereby covenants with the  purchasers  and  with
  all  subsequent  holders and transferees of bonds issued by an authority
  or public corporation pursuant to this paragraph,  in  consideration  of
  the  acceptance  of  and  payment  for  the bonds, that the bonds of the
  authority or public corporation issued pursuant to  this  paragraph  and
  the  income  therefrom  and  all  revenues,  moneys,  and other property
  pledged to secure the payment of such bonds shall at all times  be  free
  from such taxes, except for transfer and estate taxes.
    (vii) All moneys of an authority from whatever source derived shall be
  paid  to  the treasurer of an authority and shall be deposited forthwith
  in a bank or banks in the state designated by the authority. The  moneys
  in  such  accounts  shall  be  paid  out  on check of the treasurer upon
  requisition by the chairman of the authority or of such other officer or
  officers as the authority may authorize to make such  requisitions.  All
  deposits of such moneys shall be secured by obligations of or guaranteed
  by  the  United  States  or  of the state of a market value equal at all
  times to the amount on deposit and all banks  and  trust  companies  are
  authorized  to  give such security for such deposits. An authority shall
  have power, notwithstanding the provisions of this section, to  contract
  with  the  holders of any bonds as to the custody, collection, security,
  investment and payment of any moneys of the authority or any moneys held
  in trust or otherwise for the payment of bonds or in any way  to  secure
  bonds.  Moneys held in trust or otherwise for the payment of bonds or in
  any way to secure bonds and deposits of such moneys may  be  secured  in

  the  same  manner  as  moneys  of  an  authority and all banks and trust
  companies are authorized to give such security for such deposits.
    (viii)  No  action  or  proceeding  shall  be prosecuted or maintained
  against an authority for personal injury or damage to real  or  personal
  property  alleged  to have been sustained by reason of the negligence or
  wrongful act of the authority or any member, officer, agent or  employee
  thereof, unless (1) notice of claim shall have been made and served upon
  the  authority  within  the time limit by and in compliance with section
  fifty-e of the general municipal law, (2) it shall appear by and  as  an
  allegation  in  the complaint or moving papers that at least thirty days
  have elapsed since the service of such notice and that the adjustment or
  payment thereof has been neglected or refused, and  (3)  the  action  or
  proceeding shall be commenced within one year after the happening of the
  event upon which the claim is based.