Section 1600-E. Conveyance of property by the Village to the authority; acquisition of property by the Village or by the authority

1.  The  Village may, by resolution or resolutions of the board of trustees or by
  instruments  authorized  by  such  resolutions,  convey, with or without
  consideration, to the authority real and personal property owned by  the
  Village  for  use  by  the  authority as a project or projects or a part
  thereof. In case of real property so conveyed, the title  thereto  shall
  remain in the Village but the authority shall have the use and occupancy
  thereof  for  so  long as its corporate existence shall continue. In the
  case of personal property so conveyed,  the  title  shall  pass  to  the
  authority.
    2.  The  Village may acquire by purchase or condemnation real property
  in the name of the Village for any of the projects or for  the  widening
  of  existing  roads,  streets,  parkways, avenues or highways or for new
  roads, streets, parkways, avenues or highways to any of the projects, or
  partly for such purposes and  partly  for  other  Village  purposes,  by
  purchase  or  condemnation  in  the  manner  provided  by  law  for  the
  acquisition of real property by the Village. The Village may close  such
  streets,  roads,  parkways,  avenues, or highways as may be necessary or
  convenient.
    3. Contracts may be entered into between the Village and the authority
  providing for the  property  to  be  conveyed  by  the  Village  to  the
  authority,  the additional property to be acquired by the Village and so
  conveyed, the streets, roads, parkways,  avenues,  and  highways  to  be
  closed  by  the Village and the amounts, terms and conditions of payment
  to be made by the authority. Such contracts may also  contain  covenants
  by  the  Village  as  to  the  road, street, parkway, avenue and highway
  improvements to be made by the Village. Any such contracts  between  the
  Village  and the authority may be pledged by the authority to secure its
  bonds and may not be modified thereafter except as provided by the terms
  of the pledge. The  board  of  trustees  may  authorize  such  contracts
  between  the Village and the authority and no other authorization on the
  part of the Village for such contracts  shall  be  necessary.  Any  such
  contracts  may  be  so authorized and entered into by the Village and in
  such manner as the board of trustees may  determine,  and  the  payments
  required   to   be  made  by  the  Village  may  be  made  and  financed
  notwithstanding that no provision therefor shall have first been made in
  the capital budget of the Village. All contractual or other  obligations
  of  the  Village  incurred  in carrying out the provisions of this title
  shall be included in and provided for by  each  capital  budget  of  the
  Village   thereafter   made,   if  and  to  the  extent  that  they  may
  appropriately be included therein.
    4. The authority may itself acquire real property for a project in the
  name of the Village at the cost and expense of the authority by purchase
  or condemnation pursuant to the condemnation law or pursuant to the laws
  relating to the condemnation of land by the Village. The authority shall
  have the use and  occupancy  of  such  real  property  so  long  as  its
  corporate existence shall continue.
    5.  In case the authority shall have the use and occupancy of any real
  property which it shall determine is no longer required  for  a  project
  then,  if such real property was acquired at the cost and expense of the
  Village, the authority  shall  have  power  to  surrender  its  use  and
  occupancy thereof to the Village, or, if such real property was acquired
  at  the cost and expense of the authority, then the authority shall have
  power to sell, lease or otherwise dispose  of  said  real  property  and
  shall  retain and have the power to use the proceeds of sale, rentals or
  other moneys derived from the disposition thereof for its purposes.
    * NB Ceases to exist December 31, 2009

    * NB There are 2 § 1600-e's