§ 1226-g. Transfer of water facilities by the board of water supply or\nany municipality. 1. The board of water supply or any municipality may,\nby resolution approved by a majority of the entire voting strength of\nthe applicable governing body of the board of water supply or\nmunicipality, as the case may be, enter into an agreement with the water\nboard for the transfer, by deed, lease or other arrangement, to the\nwater board, for use in the exercise of its corporate powers and\npurposes, of any property, real, personal or mixed or any interest\ntherein, constituting a water facility or facilities or otherwise owned\nby it. Any such property offered to be transferred to the water board\nwithin the period commencing on the date the certificate described in\nparagraph (a) of subdivision five of section one thousand two hundred\ntwenty-six-e of this title shall be filed by the county executive and\nterminating one hundred days thereafter shall be accepted by the water\nboard in the physical condition in which it then exists. Any such\nagreement shall state the consideration, if any, for such transfer and\nshall provide that the authority shall assume the obligation to pay any\nor all outstanding indebtedness of the transferring body and/or pay all\nor part of any purchase or acquisition price in cash or in installments\nover such period of years, at such rate of interest, if any, and may be\nsubject to such other terms and conditions as the water board, the\nauthority, the board of water supply or municipality, as the case may\nbe, shall agree to be fair, adequate and reasonable. Notwithstanding\nsection six-l of the general municipal law or any other general, special\nor local law or charter provision to the contrary, the purchase or\nacquisition price, including cash proceeds and any installments to be\npaid by the authority to the board of water supply or to the city over a\nperiod of years, shall be paid to the city and deposited when received\nby the city in a trust fund hereby created and entitled "city of Utica\ncapital improvement trust fund". Moneys in such trust fund shall be\ninvested in the same manner as moneys of the city held in a capital\nreserve fund established pursuant to section six-c of the general\nmunicipal law may be invested. Not exceeding fifty per centum of the\nprincipal corpus plus interest earned or capital gain realized by the\ncity in the immediately preceding fiscal year of the city from any such\ninvestment may be authorized to be and thereafter expended by a\ntwo-thirds vote of the council of the city for any city object or\npurpose defined as a capital improvement in subdivision nine of section\n2.00 of the local finance law or to pay principal of or interest on\nobligations of the city issued for any capital improvement, provided:\n(i) the mayor shall have theretofore submitted to the council and the\ncouncil shall have approved a five year capital plan for the city, and\n(ii) the capital improvement or improvements for which such moneys will\nbe expended is described and approved in such capital plan, and (iii)\nnotwithstanding paragraphs (i) and (ii) of this subdivision, the\nexpenditure of any amount of such moneys specifically allocated in the\ncity budget to pay the principal of or interest on any existing\nobligations of the city may be authorized in the same manner and by the\nsame voting strength as provided for in the adoption of the annual city\nbudget. The capital plan may be revised, from time to time, by the mayor\nand the council and may be amended, from time to time, as the mayor and\nthe council shall determine necessary and appropriate. Any amount of\ninterest earned or capital gain realized from any such investment and\nnot expended in any fiscal year of the city as herein provided shall, on\nthe first day of the next succeeding fiscal year of the city, be added\nto and become a part of the principal corpus of said trust fund. The\ntrust fund shall terminate when the bala
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