NY Gen Mun L § 99-N (2021)
2021 New York Laws GMU - General Municipal Article 5 - Powers, Limitations and Liabilities 99-N - Transfer and Lease of Ferry Boats and Buses.

§  99-n.  Transfer  and  lease of ferry boats and buses. 1. As used in   this section the term "municipality" shall mean a county, city, town  or   village.2.  Notwithstanding  any  other  law,  general,  special  or  local, a   municipality, acting through its chief executive officer and  its  chief   fiscal  officer,  without  further  approval, except, in the case of any   municipality with respect to which the legislature has declared  that  a   state  of  financial  emergency  exists,  the  approval of any emergency   financial control board or similar body established  by  state  law  for   such  municipality,  may (a) sell or transfer all interest in any or all   of its ferry boats and buses, except to the extent of any portion of any   ferry boat or bus financed by federal grants, for consideration  and  on   such terms and conditions as it may deem appropriate, and obtain a lease   from  the transferee on such terms and conditions and for such period as   it may deem appropriate pursuant to which  it  may  operate  such  ferry   boats  or buses, as the case may be, provided (i) such lease contains an   option to the municipality to repurchase such interest at the expiration   of the scheduled lease term  for  nominal  consideration  and  (ii)  the   aggregate   of   the  regularly  scheduled  rental  payments  which  the   municipality is obligated to make pursuant to  such  lease  during  each   twelve  month  period  of  the lease term shall not exceed the aggregate   amount receivable, whether by principal or interest, by the municipality   from its transferee  during  each  such  twelve  month  period.  Without   limitation  of the foregoing, any lease entered into pursuant hereto may   also contain provisions requiring  the  municipality  to  indemnify  the   transferee  for, among other things, any loss resulting from the loss or   destruction of any property which is  the  subject  of  such  lease  and   requiring  the  municipality  to undertake to replace, repair or restore   any such property, but such obligations shall not  be  deemed  regularly   scheduled  rental  payments  for purposes of the preceding sentence; and   (b) provide compensation to one  or  more  third  parties  for  services   rendered by them in connection with any such transaction.3.  Notwithstanding  any  other  law,  general,  special or local, the   proceeds from any transaction described in this section may be  used  by   such municipality for any lawful municipal purpose.4.  The  lessor of such property, during the term of any lease thereof   to a municipality, shall, if the  lessor  shall  have  assigned  to  the   lessee  all  manufacturers' and other warranties furnished to the lessor   in connection with its purchase of such  property,  and  except  as  the   lease  may otherwise provide, have no liability or responsibility to the   lessee or to third parties for damages to real or personal  property  or   for  the  destruction  thereof, or for personal injuries or death, based   upon the use, condition or state of such property, or any part  thereof,   except  to  the  extent  such lessor may have any such responsibility or   liability by virtue of its being the manufacturer of such  property,  or   any part thereof.5.  With  respect  to  any  transaction  described  in this section, a   municipality shall comply with the following standards  and  procedures:   (i)  notice  of  intention  to negotiate a transaction described in this   section shall  be  published  in  at  least  one  newspaper  of  general   circulation,  and a copy thereof shall be mailed to all parties who have   requested notification from the municipality of its intent to engage  in   transactions  of this type. Such notice shall describe the nature of the   proposed transaction and the factors subject to negotiation which  shall   include,   but  not  be  limited  to,  the  price  to  be  paid  to  the   municipality; (ii) the municipality shall consider each  proposal  which   complies  with  the  requirements set forth in the notice; and (iii) the   municipality shall determine, on the basis of relevant factors, that the    transaction  negotiated  will  provide   maximum   available   financial   benefits, consistent with other defined objectives and requirements.