Section 27. Power to sell and lease property; disposition of proceeds

Provided that concurrent legislation for the same purpose be enacted  by
  the  commonwealth  of  Pennsylvania, the said joint commission be and is
  hereby authorized and empowered as follows:
    (a) To sell and dispose of such real and personal property  in  either
  Pennsylvania  or  New York as is, in its judgment, not necessary for the
  proper care, maintenance and operation of such bridges as  are,  or  may
  hereafter  come,  under  its  control and jurisdiction for such price or
  prices and under such conditions as such commission may deem proper  and
  reasonable.
    (b)  To  lease real estate owned by it, and which, in its judgment, is
  not necessary for the maintenance and operation of the bridges under its
  control and jurisdiction,  and  to  grant  licenses  to  public  utility
  companies  for  the occupation of parts of bridges and other real estate
  now or hereafter under the control and jurisdiction of said  commission,
  upon  such  terms and conditions, and for such rentals and fees, as are,
  in the opinion of the commission, proper and reasonable.
    (c) To pay all moneys paid to it, in accordance with the provisions of
  this section, as follows: one-half thereof shall be paid unto the  state
  of  New  York,  and  the  remaining  half thereof shall be paid unto the
  commonwealth of Pennsylvania, such payment to the state of New  York  to
  be  deposited  in  the state treasury to the credit of the general fund;
  provided, however, that whenever the real or  personal  property,  which
  the  commission  may desire to sell, has been acquired or secured at the
  sole cost and expense of the commonwealth of Pennsylvania or  the  state
  of  New  York, the entire net proceeds of such sale shall be paid to the
  state which has borne the cost of acquisition of such property.