§ 98-a. Acquisition and lease of railroad facilities. 1. Two or more cities, towns or villages in the same county or adjoining counties may jointly acquire, by purchase, lease, condemnation or otherwise, railroad rights-of-way and other railroad facilities and property, except rolling stock, located in such county or counties, and may lease the same to a railroad corporation, for periods not in excess of one year and expiring not later than the first day of July next succeeding the effective date of such lease, subject to an agreement for the maintenance and operation of such rights-of-way, facilities and property for public use in the transportation of persons or property.

2. The local law, ordinance or resolution providing for such action shall be adopted by the governing board of each such municipality and shall create a committee, to be at all times composed of members of each of such boards, to acquire such rights-of-way, facilities and property, in the name of the municipalities jointly, and as their joint agent, and may specify matters as to which the action of the committee shall require the joint approval of such boards. The local law, ordinance or resolution shall also prescribe the proportions of the cost of such project to be borne by the respective municipalities.

3. The acquisition and lease of such rights-of-way, facilities and property are hereby declared city, town and village purposes. The expenses incurred in connection herewith shall be a city, town or village charge, as the case may be, and may be paid for by appropriation of moneys available therefor or may be financed in whole or part pursuant to the local finance law. The period of probable usefulness of any indebtedness contracted pursuant to this section shall be thirty years.

4. Such local law, ordinance or resolution may be amended from time to time with the concurrence of each of such boards, and additional municipalities may be included therein, in the same manner and subject to the same conditions as were applicable to the original municipalities participating therein.

5. In the event of the abandonment of such project, all rights-of-way, facilities and property acquired by the participating municipalities may be sold and the proceeds distributed in the same proportion as contributions were made.

6. No acquisition, lease or agreement entered into pursuant to this section after the effective date of this subdivision shall be effective until the terms and conditions thereof shall have been approved by the state commissioner of transportation.