Section 2505. Acquisition of real property for the authority and contracts with the city

1. The city may, by resolution of the board of estimate,  or by deed authorized by such a resolution, convey for so  long  as  the
  authority's  corporate existence shall continue, lease for not more than
  ninety-nine  years  or  grant  other  authorizations  with  or   without
  consideration,  to  the  authority  for  the  use  and  occupancy of the
  authority or any subsidiary of the authority for its corporate purposes,
  real property then owned by the  city  and  such  conveyance,  lease  or
  authorization  may reserve to the city such rights as may be agreed upon
  between the city and the authority.
    2. The city may acquire real property in the  name  of  the  city  for
  conveyance or lease to the authority pursuant to subdivision one of this
  section  or  for  the  management  or operation thereof by the authority
  pursuant to subdivision four of this section or for the purpose  of  the
  widening  of  existing  roads,  streets,  parkways,  avenues or elevated
  highways connecting with such real property or  for  such  purposes  and
  partly for other city purposes by purchase or condemnation in the manner
  provided  by  law  for the acquisition of real property by the city. The
  city shall have  power  to  acquire  by  condemnation  property  already
  devoted  to  another  public use. Such roads, streets, parkways, avenues
  and elevated  highways  connected  with  such  real  property  shall  be
  operated, maintained and reconstructed by the city, and except as agreed
  upon  between the city and the authority, with the approval of the board
  of estimate, the city shall have exclusive jurisdiction over them.
    2-a. Notwithstanding the provisions of any general, special  or  local
  law  or  charter, the city is hereby empowered to purchase or lease from
  the authority for a  term  not  exceeding  ninety-nine  years  a  sports
  facility,  or  enter  into  any  other  agreement  relating  to a sports
  facility, upon such terms and conditions as may be agreed  upon  by  the
  city and the authority.
    3.  Notwithstanding  the  provisions  of  section  107.00 of the local
  finance law, for the purpose of financing and paying for the cost of the
  acquisition of such property and the  renovation  thereof  the  city  is
  hereby  authorized  and  empowered, without providing from current funds
  any part of such costs or otherwise complying  with  the  provisions  of
  such  section  107.00  but  upon  compliance  with  all other applicable
  provisions of the local finance law, to issue bonds  and  notes  and  to
  make  expenditures from the proceeds of such bonds and notes or from any
  fund into which such proceeds are paid. Notwithstanding  the  provisions
  of  section  11.00  of  the  local  finance  law, the period of probable
  usefulness for the effectuation of any of the  objects  or  purposes  in
  connection  with  the acquisition or renovation of such real property is
  hereby determined to be forty years. Nothing herein contained,  however,
  shall  prevent  the  application  of  the  period of probable usefulness
  prescribed in any subdivision of said section 11.00 of the local finance
  law for any object or purpose constituting  a  separable  part  of  such
  objects and purposes.
    4.  The  city  may  enter  into  agreements with the authority for the
  management or operation in whole or in part of a sports  facility  owned
  or acquired by the city.
    5.  Subject  to  the  approval  of the board of estimate, the city may
  enter into agreements with the authority to pay for planning, design and
  feasiblity  studies  undertaken  or  caused  to  be  undertaken  by  the
  authority.
    6.  Since  the  authority's  continued  discharge  of  its  public and
  governmental purposes is of benefit to the city,  the  city  shall  pay,
  within  the  appropriations  available therefor, if any, the expenses of
  the establishment and continued operation of the authority.

    7. Notwithstanding any other provision of law, the city shall have the
  power to contract indebtedness and to issue its obligations pursuant  to
  the  local  finance  law  for  the  purpose  of  financing  any  payment
  authorized to be made by the city pursuant to subdivisions four, five or
  six  of  this  section.  Any  such payment shall constitute an object or
  purpose for which the period of probable usefulness is hereby determined
  to be five years.
    * NB (Discontinued-Board of Directors never appointed)