N.Y. Education Law § 454: General powers and duties of fund

§ 454. General powers and duties of fund. The fund shall have the

following powers in addition to those specifically conferred elsewhere

in this article:

1. To sue and be sued;

2. To have a seal and alter the same at pleasure;

3. To make and alter by-laws for its organization and internal

management;

4. With the approval of the comptroller of the city of New York to

prescribe a system of accounts;

5. To make rules and regulations governing the exercise of its

corporate powers and the fulfillment of its corporate purposes under

this article, which rules and regulations shall be filed with the

secretary of state in the manner provided by section one hundred two of

the executive law;

6. With the approval of the board of education, to purchase, receive,

lease or otherwise acquire real and personal property necessary or

convenient for its corporate purposes;

7. Subject to the terms and conditions of any lease, sublease or other

agreement with the board of education, to possess, hold, use and improve

real and personal property acquired by or on behalf of the fund so long

as its corporate existence shall continue;

8. Upon a two-thirds vote of the trustees of the fund, and subject to

the approval of the board of education, to design, construct, acquire,

reconstruct, rehabilitate and improve combined occupancy structures and

incidental or appurtenant facilities thereto, or cause such structures

and facilities to be designed, constructed, acquired, reconstructed,

rehabilitated and improved in accordance with the provisions of this

article;

9. In connection with such design, construction, acquisition,

reconstruction, rehabilitation and improvement, to install or cause to

be installed water, sewer, gas, electrical, telephone, heating, air

conditioning and other utility services, including appropriate

connections;

10. Subject to the terms and conditions of any lease, sublease or

other agreement with the board of education, to maintain, repair and

keep up the real property held by it and all combined occupancy

structures and facilities constructed, acquired, reconstructed,

rehabilitated or improved pursuant to this article;

11. Subject to the terms and conditions of any lease, sublease or

other agreement with third parties and to the determination of the board

of education that such real property is unnecessary for the present or

foreseeable future school building needs of the city of New York, to

surrender to the appropriate city official, for other public use or for

sale, lease or other disposition in accordance with law, real property

held by the fund for its corporate purposes;

12. To make and execute contracts, leases, subleases and all other

instruments or agreements necessary or convenient for the exercise of

its corporate powers and the fulfillment of its corporate purposes under

this article, subject to the approval of the corporation counsel as to

form of all such documents to which the city of New York is a party; the

term of any such lease or sublease or renewal thereof shall not be

limited by any provision of any general, special or local law or charter

applicable to the city of New York or to the board of education of the

city of New York;

13. To procure insurance against any loss in connection with its

property and other assets in such amounts and from such insurers as it

deems desirable;

14. With the consent of the board of education to use the agents,

employees and facilities of the board;

15. To engage the services of construction, engineering,

architectural, legal and financial consultants, surveyors and

appraisers, on a contract basis or as employees, for professional

service and technical assistance and advice;

16. To assist generally, the department of general services of the

city of New York in making land surveys, topographical surveys and

valuation appraisals of real property sought to be acquired by the board

of education of the city of New York;

17. To borrow money and issue negotiable notes, bonds or other

obligations and to provide for the rights of the holders thereof;

18. To invest any moneys held in any funds or accounts not required

for immediate use or disbursement, at the discretion of the fund, in

obligations of the city, the state or the United States government or

obligations the principal of and interest on which are guaranteed by the

city, the state or the United States government or obligations of

agencies or instrumentalities of the United States government which may

from time to time be legally purchased by savings banks of the state as

investments of funds belonging to them or in their control; and

temporarily to deposit or invest moneys not required for immediate use

or disbursement in interest bearing time deposits or certificates of

deposit issued by, a bank or trust company located and authorized to do

business in this state, provided, however, that such time deposits or

certificates of deposit shall be payable within such time as the

proceeds shall be needed and provided further that such time deposits or

certificates of deposit be secured by a pledge of obligations of the

United States of America, or any obligation fully guaranteed or insured

as to interest and principal by the United States of America acting

through an agency, subdivision, department or division thereof, or

obligations of the state of New York or of a corporate agency or

instrumentality of the state of New York, including the fund itself, or

obligations of the city of New York.

19. To accept any gifts or grants or loans of funds and property or

financial or other aid in any form from the federal government or any

agency or instrumentality thereof or from the state or from any other

source and to comply, subject to the provisions of this article, with

the terms and conditions thereof;

20. At the request or with the approval of the board of education, to

grant, sell, license, lease or otherwise transfer without public auction

or bidding any real property or any rights or interests therein or

thereto, including fee interests, easements, space rights or air rights,

held by it and occupied or reserved for school purposes and needed

therefor, to a private individual or private or public corporation

solely and exclusively for the purpose of developing and constructing

therein or thereon a combined occupancy structure, or a part or portion

thereof, or for the purpose of rehabilitating or improving an existing

school to become part of a combined occupancy structure within the

meaning of this article subject to a prior and enforceable agreement

approved by the board of education for the reconveyance, retransfer or

leaseback of the school portion thereof, upon completion, for use and

occupancy by the said board of education in those instances where a

grant, sale or lease has been made to such private individual or private

or public corporation; provided, however, that no such sale, lease or

transfer of lands or rights therein or thereto is authorized where the

development of a combined occupancy structure contemplates the erection

of nonschool facilities or improvements over an existing playground

unless such combined occupancy structure to be constructed over such

playground shall provide playground area at least equal in size to the

then existing playground area;

21. At the request or with the approval of the board of education, to

contract with the owner or other developer of a combined occupancy

structure for the purchase or lease of the school portion thereof upon

completion for use and occupancy by the board of education of the city

of New York;

22. To grant, sell, lease, sublease or otherwise convey the school

portion of combined occupancy structures to the city of New York for use

and occupancy by the board of education of the city of New York; and

23. To do any and all things necessary or convenient to carry out its

corporate purposes and exercise the powers given and granted to it in

this article.