[HISTORY: Adopted by the Legislature of the County of Monroe: Art. I, 5-19-1992 by L.L. No. 3-1992, approved 5-27-1992. Amendments noted where applicable.]
[Adopted 5-19-1992 by L.L. No. 3-1992, approved 5-27-1992]
The county is hereby authorized, by future resolution of the County Legislature, to sell or assign its interest in payments to be made to the county by the Monroe County Water Authority under any lease made by the Authority of county property under § 1096 of the Public Authorities Law of the State of New York. Such sale or assignment shall be without recourse to the county, and no failure of the Authority to make payments due as required in any such lease shall in any way create a pecuniary or other liability of the county. Any proceeds from the sale or assignment of any such lease, after the payment of costs incidental to such sale or assignment, shall be used to pay principal and interest on bonds or notes of the county and shall be deposited to a fund or funds created pursuant to § 6-h of the General Municipal Law of the State of New York; provided, however, that any proceeds determined to be in excess of the amount necessary, taking into account the permissible investment of such proceeds, to pay all such principal and interest at maturity, may be applied to any lawful county purposes.