N.Y. Public Authorities Law § 1284: General powers of the corporation

§ 1284. General powers of the corporation. Except as otherwise limited

by this title, the corporation shall have power:

1. To sue and be sued;

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

3. To borrow money and issue negotiable or non-negotiable notes, bonds

or other obligations and to provide for the rights of the holders

thereof;

4. To invest any funds held in reserve or sinking funds, or any monies

not required for immediate use or disbursement, at the discretion of the

corporation (i) in obligations of the state or the United States of

America; (ii) in obligations the principal and interest of which are

guaranteed by the state or the United States of America; (iii) in

obligations issued by the United States of America, an agency thereof or

a United States government sponsored corporation or obligations fully

insured or guaranteed as to the payment of principal and interest by the

United States of America, an agency thereof or a United States

government sponsored corporation; or in deposits with such banks or

trust companies as may be designated by the corporation. Each such bank

or trust company deposit shall be continuously and fully secured by

direct obligations of the state or the United States of America, or by

obligations the principal and interest of which are guaranteed by the

state or the United States of America, and additionally, any funds

managed by the corporation for any municipality may be continuously and

fully secured by obligations of any municipality, school district or

district corporation of the state of New York of a market value equal at

all times to the amount of the deposit, and all banks and trust

companies are hereby authorized to give such security;

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

management, and rules and regulations governing the exercise of its

powers and the fulfillment of its purposes under this title;

6. To enter into contracts and leases and to execute all instruments

necessary or convenient or desirable for the purposes of the corporation

or to carry out any powers expressly given it in this title;

7. To acquire, purchase, hold, lease as lessee, dispose of and use any

real or personal property or any interest therein necessary, convenient

or desirable to carry out the purpose of this title and to sell, lease

as lessor, transfer and dispose of any property or interest therein at

any time required by it in the exercise of its power including but not

limited to the sale, transfer or disposal of any materials, substances

or sources or forms of energy derived from any corporate activity.

8. To appoint such officers and employees as it may require for the

performance of its duties, and to fix and determine their

qualifications, duties and compensation and to retain or employ counsel,

auditors, engineers and private consultants on a contract basis or

otherwise for rendering professional or technical services and advice;

9. To make plans, surveys, and studies necessary, convenient or

desirable to the effectuation of the purposes and powers of the

corporation and to prepare recommendations in regard thereto, provided

that such plans, surveys, studies and recommendations shall be in

conformity with any comprehensive studies and reports on the collection,

treatment and disposal of sewage conducted and approved pursuant to the

provisions of section twelve hundred sixty-three-a of the public health

law, on the collection, treatment and disposal of refuse conducted and

approved pursuant to the provisions of title IX of the public health

law, and on public water supply systems conducted and approved pursuant

to the provisions of part V-A of article V of the conservation law and

on the control and abatement of air pollution conducted and approved

pursuant to the provisions of title II, article twelve-A of the public

health law;

10. To enter upon such lands, waters, or premises as in the judgment

of the corporation may be necessary, convenient or desirable for the

purpose of making surveys, soundings, borings and examinations to

accomplish any purpose authorized by this title, the corporation being

liable for actual damage done;

11. To conduct investigations and hearings in the furtherance of its

general purposes, and in aid thereof to have access to any books,

records or papers relevant thereto; and if any person whose testimony

shall be required for the proper performance of the duties of the

corporation shall fail or refuse to aid or assist the corporation in the

conduct of any investigation or hearing, or to produce any relevant

books, records or other papers, the corporation is authorized to apply

for process of subpoena, to issue out of any court of general original

jurisdiction whose process can reach such person, upon due cause shown;

12. To acquire municipal bonds and notes and bonds and notes of

certain state agencies, and to make loan commitments and loans to

municipalities and certain state agencies, and to enter into option

arrangements with municipalities for the purchase of municipal bonds and

notes;

13. To sell any municipal bonds or notes, other securities, or other

personal property acquired by the corporation whenever it is determined

by the corporation that the sale of such property is desirable;

municipal bonds and notes acquired by the corporation shall be sold by

the corporation only at public sale at such price or prices as it shall

determine, and a notice of such sale shall be published at least once at

least five days prior to the date of such sale in a financial newspaper

or journal published in the City of New York; the proceeds of the sale

by the corporation of any municipal bonds or notes shall be required to

be held for the benefit of the bonds and notes and interest thereon

entitled to be paid therefrom, or shall be used to purchase, or applied

towards the redemption of bonds or notes, at not more than the

redemption price then applicable, plus accrued interest to the next

payment date thereon, or, if not then redeemable, at a premium of not

more than the redemption price applicable on the first date after such

purchase upon which the bonds or notes become subject to redemption,

plus accrued interest to said date, all subject to such agreements with

bondholders or noteholders as may then exist;

14. To accept any gifts or grants or loans of funds or property from

the federal government or from the state or from any other federal or

state public body or political subdivision or any other person and to

comply, subject to the provisions of this title, with the terms and

conditions thereof;

15. To appoint such advisory committees as may be necessary,

convenient or desirable to the effectuation of the purposes and powers

of the corporation; and

16. To do all things necessary, convenient or desirable to carry out

its purposes and for the exercise of the powers granted in this title.