Section 1048-V. Actions against authority and water board

1. Except in an
  action for wrongful death, no action or proceeding shall  be  prosecuted
  or  maintained  against  the  authority  or the water board 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 the board or of any  member,  officer,  agent  or  employee  thereof,
  unless  (i)  a  notice of claim shall have been made and served upon the
  authority or the water board, as the case may be, within the time  limit
  by  and in compliance with section fifty-e of the general municipal law,
  (ii) 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 adjustment or payment  thereof  has  been  neglected  or
  refused,  and  (iii)  the action or proceeding shall be commenced within
  one year after the happening of the event upon which the claim is based.
  An action against the authority or water board for wrongful death  shall
  be  commenced in accordance with the notice of claim and time limitation
  provisions of title eleven of article nine of this chapter.
    2. Wherever a notice of claim is served  upon  the  authority  or  the
  water  board,  it  shall  have the right to demand an examination of the
  claimant relative to the  occurrence  and  extent  of  the  injuries  or
  damages  for  which  claim is made, in accordance with the provisions of
  section fifty-h of the general municipal law.
    3. The authority or the water board may require any person  presenting
  for  settlement  an  account or claim for any cause whatever against the
  authority or the water board, as the case may be, to be sworn  before  a
  member,  counsel  or an attorney, officer or employee thereof designated
  for such purpose, concerning such account or claim and when so sworn, to
  answer orally as to any facts relative to such  account  or  claim.  The
  authority  or  the  water board shall have power to settle or adjust all
  claims in favor of or against the authority or the water board,  as  the
  case may be.
    4. The rate of interest to be paid by the authority or the water board
  upon  any judgment for which it is liable, other than a judgment against
  the authority on bonds,  shall  not  exceed  the  rate  of  interest  on
  judgments  and accrued claims against municipal corporations as provided
  in the general municipal law from time to time. Interest on payments  of
  principal  or  interest on any bonds in default shall accrue at the rate
  borne by such bonds from the due date thereof until  paid  or  otherwise
  satisfied.