§ 47-c. Special provisions related to certain bonds and notes.\nNotwithstanding any other provision of law, general or special:\n 1. Any public corporation or officer responsible for the acquisition\nof real property or the planning, supervision or administration of\nfacilities thereon which may be constructed, acquired, reconstructed,\nrehabilitated or improved by the agency pursuant to this article is\nhereby authorized for and on behalf and in the name of the people of the\nstate of New York, to execute and deliver to the agency, for such\nconsideration, if any, as may be determined by such public corporation\nor officer and the agency, but not to exceed the cost of acquisition\nthereof and the cost of improvements thereon, a lease for a term not\nexceeding fifty years or a quitclaim deed conveying to the agency all\nthe right, title and interest of the people of the state of New York in\nand to any of the lands acquired by such public corporation or officer\nfor such facilities, and in and to any of the improvements thereon, for\nthe purpose of constructing, reconstructing, rehabilitating or improving\nthereon one or more facilities pursuant to this article for lease or\nsublease to any such public corporation or officer, in accordance with\nthe terms of an agreement entered into among them in accordance with\nlaw. The agency is hereby authorized to accept any such lease or\nconveyance, to lease or sublease such lands, improvements and facilities\nto such public corporation or officer, and to hold the same subject to\nthe terms of any such lease, conveyance, sublease or other agreement,\nand such public corporation or officer is hereby authorized, with the\napproval of the governor, or where so designated by the governor for\nsuch purpose, the director of the budget, to lease or sublease any such\nlands or improvements or the facilities constructed, reconstructed,\nrehabilitated or improved thereon pursuant to this article or other\nprovisions of law, and to hold such lands, improvements and facilities\nsubject to the terms of any such lease, sublease or other agreement.\n 2. a. In the event that the agency shall fail, within five years from\nthe date of a lease or conveyance authorized pursuant to subdivision one\nof this section, to construct, reconstruct, rehabilitate or improve the\nfacility or facilities thereon for which the conveyance was made, as\nprovided for in a lease, sublease or other agreement entered into with\nsuch public corporation or officer, or in the event that such facility\nor facilities shall cease to be used for the purposes intended, then and\nin either event but subject to the terms of any lease, sublease or other\nagreement undertaken by the agency, such lands, and the improvements and\nfacilities thereon, shall revert to the people of the state of New York\nwith right of re-entry thereupon, and such lease or deed shall be made\nsubject to such conditions; provided, however, that as a condition\nprecedent to the exercise of such right of re-entry the state of New\nYork, or such public corporation or officer, shall pay to the agency an\namount equal to the purchase price of such lands and improvements, the\ndepreciated cost of any facility or facilities constructed,\nreconstructed, rehabilitated or improved thereon, and all other costs of\nthe agency incident to the acquisition of such lands and the financing\nof construction, reconstruction, rehabilitation or improvement relating\nto such facility or facilities, all as provided in the aforesaid lease,\nsublease or other agreement entered into with such public corporation or\nofficer.\n b. In the event that the agency shall determine that any portions of\nthe lands leased or conveyed pursuant to subdivision one hereof are in\nexcess of the lands needed to construct, reconstruct, rehabilitate or\nimprove the facility or facilities thereon for which the conveyance was\nmade, as provided in a lease, sublease or other agreement entered into\nwith
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