N.Y. Education Law § 478: General powers and duties of fund

§ 478. 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 commissioner of finance of the city of

Yonkers 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 Yonkers, 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. Subject to the approval of the corporation counsel as to form, 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;

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 Yonkers or to the board of education of the

city of Yonkers;

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 public works department of the city of

Yonkers 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 Yonkers;

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 funds held in reserves or sinking funds, or any

funds 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 and interest of which are

guaranteed by the city, the state or the United States government;

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, 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,

within the meaning of this article subject to a prior and enforceable

agreement approved by the board of education for the reconveyance,

retransfer or lease back of the school portion thereof, upon completion,

for use and occupancy by the said board of education; 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 school or 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 Yonkers;

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

portion of combined occupancy structures to the city of Yonkers for use

and occupancy by the board of education of the city of Yonkers; 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.