New York A07848 amends the public authorities law to establish requirements for disposals and contracts for disposal of property.

New York A07848 amends the public authorities law to establish requirements for disposals and contracts for disposal of property. It prohibits the sale, lease, or alienation of property for less than its fair market value unless specific conditions are met. These conditions include the transferee being a government or public entity, the transfer being in the public interest, or the transfer being consistent with the authority's mission. The bill also mandates that certain information be provided to the authority board and the public when a below fair market value asset transfer is proposed.

New York A07848 amends the public authorities law to establish requirements for disposals and contracts for disposal of property.

New York A07848 amends the public authorities law to establish requirements for disposals and contracts for disposal of property. It prohibits the sale, lease, or alienation of property for less than its fair market value unless specific conditions are met. These conditions include the transferee being a government or public entity, the transfer being in the public interest, or the transfer being consistent with the authority's mission. The bill also mandates that certain information be provided to the authority board and the public when a below fair market value asset transfer is proposed.