40-33.1-06. Conveyance of property by a city to an authority - Acquisition of property by a city or by an authority

40-33.1-06. Conveyance of property by a city to an authority - Acquisition of property by a city or by an authority. 1. A city may, by resolution or resolutions of the governing body or by instruments authorized by such resolutions, convey, with or without consideration, to an authority real and personal property owned by the city for use by an authority as a project or projects or a part thereof. 2. A city may acquire in the name of the city by purchase or condemnation real property in the city for any of the projects. 3. Contracts may be entered into between a city and an authority providing for the property to be conveyed by a city to an authority, the additional property to be acquired by a city and so conveyed, and the amounts, terms, and conditions of payment to be made by an authority. Any such contracts between a city and an authority and any real property belonging to an authority may be pledged by the authority to secure its notes and may not be modified thereafter except as provided by the terms of the pledge. The governing body of a city may authorize such contracts between a city and an authority and no other authorization on the part of a city for such contracts shall be necessary. 4. An authority may itself acquire real property for a project in the name of the city at the cost and expense of the authority by purchase. An authority shall have the use and occupancy of such real property so long as its corporate existence shall continue. 5. In case an authority shall have the use and occupancy of any real property which it shall determine is no longer required for a project, then, if such real property was acquired at the cost and expense of the city, the authority shall have power to surrender its use and occupancy thereof to the city, or, if such real property was acquired at the cost and expense of an authority, then the authority shall have power to sell, lease, or otherwise dispose of said real property at public or private sale, and shall retain and have the power to use the proceeds of sales, rentals, or other moneys derived from the disposition thereof for its purposes.