NY Pub Auth L § 1115-H (2021)
2021 New York Laws PBA - Public Authorities Article 5 - Public Utility Authorities Title 6 - Albany Municipal Water Finance Authority 1115-H - Agreement Among the Water Board, the City and the Authority for the Provision of Projects.

§  1115-h. Agreement among the water board, the city and the authority for the provision of projects. 1. The authority, the water board and the city, acting by resolution of the common council of the city, may  enter into  agreements  for  the purpose of providing for the construction and financing of a project.   2. Any such agreements (i) shall describe  in  sufficient  detail  for reasonable identification the particular project to be financed in whole or  in  part  by  the  authority,  (ii)  shall describe the plan for the financing of the cost of the construction of such project, including the amount, if any, to be provided by the water  board  and  the  source  or sources  thereof,  (iii) shall set forth the method by which and by whom and the terms and conditions upon which moneys provided by the authority shall  be  disbursed,  (iv)  may  require,  in  the  discretion  of  the authority, the payment to the authority of the proceeds of any state and federal  grants  available to the water board, (v) shall provide for the establishment of user fees, rates,  rents  and  other  charges  and  the charging  and  collection  thereof by the water board for the use of, or services furnished, rendered or made available by such system such as to provide that the water  board  receive  revenues  at  least  sufficient, together  with  other  revenues  of the water board, if any, to meet the requirements of subdivision one of  section  one  thousand  one  hundred fifteen-i  of  this  title, provided that revenues received by the water board shall be deposited in a special fund established pursuant to  this title  and  disbursed to, and upon certification of, the authority, (vi) may provide for the transfer by the city to the water board pursuant  to section one thousand one hundred fifteen-g of this title of ownership of the  water  system  or  sewerage  system, or both as the case may be, of which such  project  will  form  a  part,  (vii)  may  provide  for  the construction  and  completion  of  such project by the city or the water board and for the  operation,  maintenance  and  repair  thereof  as  an integrated  part  of  the  system  of  which  such project forms a part, subject to such terms and conditions, not inconsistent with this  title, which  may be in the public interest and necessary or desirable properly and adequately to secure the holders of bonds of the  authority,  (viii) shall  provide  for the discontinuance or disconnection of the supply of water or the provision of sewerage service, or both, as the case may be, for non-payment of fees, rates, rents or other charges therefor  imposed by the water board, provided such discontinuance or disconnection of any supply  of  water  or the provision of sewerage service, or both, as the case may be, shall not be carried out except in the manner and upon  the notice   as   is  required  of  a  waterworks  corporation  pursuant  to subdivisions three-a, three-b and three-c of section  eighty-nine-b  and section  one  hundred sixteen of the public service law, and (ix) in the discretion of the authority, require reports concerning the project from the water board to the authority and the city.   3. If the  city  executes  an  agreement  pursuant  to  this  section, relating  to  the  financing of projects by revenue bonds, it shall have and shall be deemed to have annulled its power to levy user fees,  rents and  other charges on participating properties or customers for the cost of  financing,  operating  and  maintaining  such  projects  under   its jurisdiction  until  all  bonds of the authority shall have been paid or discharged in accordance with the agreement and the  resolution  of  the authority  authorizing  such  bonds. If the city has outstanding general obligation bonds issued for acquiring or constructing water or  sewerage facilities,  whether  the  bonds  are  payable  from  revenues,  special assessments, or taxes, it may authorize the authority  pursuant  to  the agreement to issue its revenue bonds under this title for the purpose of retiring the outstanding bonds.    4.  No such agreement shall be executed until the city and water board shall have held a public hearing at which users of the water  system  or sewerage system, or both, as the case may be, shall have had opportunity to  be  heard concerning the proposed provisions thereof. Notice of such hearing  shall  be  published  at  least  thirty  days in advance in the official newspaper or newspapers of the city.   5. Such  agreement  shall  be  effective  upon  the  issuance  by  the authority  of  bonds to finance the cost of constructing projects of the city or the water board.   6.  Any  such  agreement  may  be  amended,  revised  or  extended  by supplemental  agreements  authorized  and executed in the same manner as the original agreement, provided that any  such  supplemental  agreement shall not be inconsistent with the provisions of this title.   7.  (a)  Following  the  execution of the agreement by and between the authority, the water board and the city pursuant to  this  section,  the clerk  of the city shall publish a notice in substantially the following form: "Notice is hereby given that the city of Albany has on  the day  of              entered into an agreement with the Albany municipal water finance authority in relation to the construction and financing of (here insert a brief description of the sewerage or  water  facility  or facilities  to  which  such  agreement  relates)  pursuant to the Albany municipal water finance authority act for the  purpose  of  placing  its sewerage  or  water system or water and sewerage system, as the case may be, on an independent basis, imposing fees  and  rents  on  sewerage  or water  system  users,  or  both,  which,  together  with  other revenues available for such purposes, if  any,  are  sufficient  to  pay  to  the authority  debt service on bonds issued by the authority pursuant to the agreement and for operation and maintenance of the  facility  (title  to which is transferred to the water board pursuant to the agreement). Such agreement  in general terms provides (here insert a brief summary of the substantive provisions of  such  agreement).  A  copy  of  the  complete agreement is on file for public inspection in the office of the clerk of the  city where the same may be examined by any interested person during regular business hours. The validity of this agreement may be  hereafter contested  only  upon  the  ground  or  grounds  that (i) such agreement violates, or the performance of  any  provision  thereof  by  any  party thereto   would  violate,  the  provisions  of  any  law  or  the  state constitution or (ii) the  provisions  of  law  which  should  have  been complied  with  in  relation  to the authorization and execution thereof were not substantially complied with, and in any event an  action,  suit or  proceeding  is  commenced  within  sixty days after the date of this notice.                                                              clerk of the                                                           city of Albany  (b) The publication authorized by this subdivision  shall  be  in  the official newspaper or newspapers of the city.  (c)  After  the  expiration  of the sixty day period set forth in such notice, the validity of such agreement shall  be  conclusively  presumed and  the validity thereof shall not thereafter be questioned by either a party  plaintiff  or  a  party  defendant  and  no  court   shall   have jurisdiction in any action, suit or proceeding contesting such validity.  (d)  Neither  any  error  or  omission  in  the  notice of publication provided for in this subdivision shall affect or impair the validity  of an  agreement  executed  pursuant  to this section so long as the notice substantially conforms to the provisions of this section.