Section 2471. Lease agreements

1. Any agreement entered into between the
  authority and a participating  municipality  may  provide  for  (i)  the
  construction, acquisition, reconstruction, rehabilitation or improvement
  of  one  or  more sports facilities, and (ii) the leasing thereof and of
  the land  upon  which  the  same  is  erected  and  upon  completion  of
  construction, acquisition, reconstruction, rehabilitation or improvement
  for  a term not exceeding forty years and upon such terms and conditions
  including annual lease rental as may be agreed upon.
    2. The participating municipality shall make payments to the authority
  subject to local appropriation therefor in accordance with  the  leasing
  agreement  entered into pursuant to subdivision one of this section. The
  authority may  pledge  or  assign  any  or  all  moneys  in  the  sports
  facilities  income  fund  account  and  in  any  rental  reserve account
  established pursuant to section twenty-four hundred seventy-two of  this
  title and any or all moneys which may be in either or both such accounts
  in  the  future,  whether  equal  to  or in excess of the amount of such
  payments due or becoming due in any year, and any or  all  right,  title
  and interest of the authority in and to the moneys in or to be deposited
  in such fund accounts.
    3.  The  attorney general shall pass upon the form and sufficiency and
  manner of execution of any lease agreement entered into pursuant to this
  section and the same shall not be effective unless so approved by him.
    4. The state shall not be liable  for  any  payments  payable  to  the
  authority  by  a  participating  municipality pursuant to the terms of a
  lease agreement entered into pursuant to this section and such agreement
  shall contain among its terms a statement to such effect.
    * NB (Disbanded March, 1980)