The Mayor is hereby authorized and empowered to enter into negotiations
with and execute a contract with the Green Island Power Authority[1] for the transfer and sale of the electric power distribution
system and related properties, both real and personal, of the Village
to the Green Island Power Authority for such consideration as he shall
deem appropriate; provided, however, that in no event shall the consideration
to be paid by the Green Island Power Authority for the transfer and
sale of such electric power distribution system be less than the book
value of said system and related properties as shown on the general
ledger of the Village or other relevant records of the Village, as
the case may be.
Editor's Note: See § 1020 et seq. of the Public
Authorities Law (L. 1986, c. 807, as amended by L. 1987. c. 7) for
information regarding the creation of the Green Island Power Authority
by the State Legislature.
Upon payment of the consideration described in the contract of sale described in Subsection A hereof, the Mayor is hereby further authorized and empowered to execute and deliver all such documents and instruments and to take all such further action necessary to accomplish the transfer and sale of the electric power distribution system and such related properties to the Green Island Power Authority, including but not limited to applying to any regulatory bodies for any approvals required under any applicable state, federal or local law.
The Mayor is hereby further authorized and empowered to execute and
deliver all such documents and instruments necessary to accomplish
the assignment to the Green Island Power Authority of any contracts,
licenses and other agreements entered into by the Village in connection
with the electric power distribution system or such related properties.