New York § 118-C - 118-CFinancing
Full text of New York New York Consolidated Laws § 118-C — 118-CFinancing, with citation guidance and answers to common questions.
§ 118-C. 118-CFinancing
§ 118-c. Financing. Any municipal corporation shall have the power to enter into contracts with any public benefit corporation created pursuant to article five of the public authorities law which is authorized by law to furnish water to such municipal corporation, providing for the financing of the acquisition and construction of improvements to the water supply system or water distribution system of such municipal corporation. The terms of such contract may include, among other provisions, provisions requiring such municipal corporation to purchase water only from such public authority during the term of such contract, and which term shall be limited to the lesser of (i) thirty years or (ii) the probable useful life of the items for which any bonds are issued by such public benefit corporation to finance the acquisition and construction of improvements to such water supply system or water distribution system. The resolution of the municipal governing body authorizing the municipality to enter into the contract for financing shall be subject to the same referendum requirements as if it were a resolution of the municipality to authorize the sale of bonds for the same purpose and amount. For purposes of this section, the term "municipal corporation" shall mean any city or village or any county on behalf of a county water district or any town on behalf of a town water district, water storage and distribution district or water improvement area.
Frequently Asked Questions About New York § 118-C
What does New York Consolidated Laws § 118-C cover?
Section 118-C ("118-CFinancing") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 118-C?
A common citation format is "New York Consolidated Laws § 118-C" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 118-C apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.