Section 98-A. Acquisition and lease of railroad facilities

1. Two or more
  cities, towns or villages in the same county or adjoining  counties  may
  jointly acquire, by purchase, lease, condemnation or otherwise, railroad
  rights-of-way and other railroad facilities and property, except rolling
  stock,  located  in such county or counties, and may lease the same to a
  railroad corporation, for periods not in excess of one year and expiring
  not later than the first day of July next succeeding the effective  date
  of such lease, subject to an agreement for the maintenance and operation
  of  such  rights-of-way,  facilities  and property for public use in the
  transportation of persons or property.
    2. The local law, ordinance or resolution providing  for  such  action
  shall  be  adopted  by the governing board of each such municipality and
  shall create a committee, to be at all times composed of members of each
  of such boards, to acquire such rights-of-way, facilities and  property,
  in the name of the municipalities jointly, and as their joint agent, and
  may  specify  matters  as  to  which  the  action of the committee shall
  require the joint approval of such boards. The local law,  ordinance  or
  resolution  shall  also  prescribe  the  proportions of the cost of such
  project to be borne by the respective municipalities.
    3. The acquisition and lease of  such  rights-of-way,  facilities  and
  property  are  hereby  declared  city,  town  and  village purposes. The
  expenses incurred in connection  herewith  shall  be  a  city,  town  or
  village charge, as the case may be, and may be paid for by appropriation
  of  moneys  available  therefor  or  may  be  financed  in whole or part
  pursuant to the local finance law. The period of probable usefulness  of
  any  indebtedness  contracted  pursuant  to this section shall be thirty
  years.
    4. Such local law, ordinance or resolution may be amended from time to
  time with the  concurrence  of  each  of  such  boards,  and  additional
  municipalities  may  be included therein, in the same manner and subject
  to the same conditions as were applicable to the original municipalities
  participating therein.
    5. In the event of the abandonment of such project, all rights-of-way,
  facilities and property acquired by the participating municipalities may
  be  sold  and  the  proceeds  distributed  in  the  same  proportion  as
  contributions were made.
    6.  No  acquisition,  lease or agreement entered into pursuant to this
  section after the effective date of this subdivision shall be  effective
  until  the  terms and conditions thereof shall have been approved by the
  state commissioner of transportation.