Section 1115-U. 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 water board or of any member, officer, agent or employee thereof,
  unless (a) 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,
  (b)  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 (c) 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 designated for such
  purpose concerning such account or claim 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  its  bonds, shall not exceed the rate of interest on
  judgements 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.