N.Y. Public Authorities Law § 1804: General powers and duties of the authority

§ 1804. General powers and duties of the authority. Subject to the

other provisions of this title and the provisions of any contract with

bondholders or noteholders, the authority shall have the following

powers in addition to the powers specifically conferred upon the

authority elsewhere in this title:

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. To make rules and regulations governing the exercise of its

corporate powers and the fulfillment of its corporate purposes under

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

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

the executive law and to maintain its system of internal controls in

conformity with the relevant standards specified by authoritative

national standard setting bodies;

5. To make loans and loan guaranties secured by loan agreements,

mortgages, contracts and all other instruments necessary or convenient

for the exercise of its corporate powers and the fulfillment of its

corporate purposes under this title; and to require the inclusion in any

lease or other agreement in respect of a project (a) such provisions as

to the use of the project as the authority may deem necessary or

desirable for the fulfillment of its corporate purposes and (b) such

provisions as to the reporting to it by the parties to such lease or

other agreement of such information as it deems necessary to monitor (i)

compliance by such parties with the provisions of this title and with

the provisions of any rules and regulations adopted pursuant to this

title and (ii) the progress of the project occupant or of the business

enterprise described in section eighteen hundred twenty-seven of this

title in achieving the representations made in the application submitted

pursuant to section eighteen hundred twenty-four of this title;

6. In connection with loans, loan guarantees, or any applications or

commitments therefor, to make and collect such fees and charges as the

authority shall determine to be reasonable;

7. To purchase, receive, lease or otherwise acquire, and hold in the

name of the state or otherwise, or contract to acquire from any person,

firm, corporation, municipality, federal or state agency, by grant,

purchase, or otherwise, and to sell, convey, mortgage, lease, pledge or

otherwise dispose of, upon such terms and conditions as the authority

may deem advisable, real and personal property, together with such

rights and privileges as may be incidental and appurtenant thereto and

to the use thereof, including but not restricted to any real or personal

property acquired by the authority from time to time upon foreclosure of

any mortgage or in the satisfaction of debts or in the enforcement of

obligations; provided, however, that the terms and conditions of any

sale or other disposition by the authority of property conveyed to it

pursuant to section eighteen hundred thirty-a of this title including

the consideration involved, shall be subject to the approval of the

director of the budget, prior to such sale or other disposition;

8. To sell at public or private sale, or pledge or assign, any loan

made by the authority and any mortgage or other obligation securing a

loan made by the authority;

9. To foreclose on any real or personal property in respect of which

it has made a loan or issued a loan guarantee or commence or join in any

action or proceeding to protect or enforce any right conferred upon it

by law or by contract and to bid for and purchase such property at any

foreclosure or at any other sale or acquire or take possession of any

such property; and in such event the authority may operate, maintain,

administer, pay the principal of and interest on any obligation incurred

in connection with such property, and otherwise deal with, such

property, in such manner as may be necessary or desirable to protect the

interest of the authority therein; and further with regard to loans and

loan guarantees made by the authority, it shall have the right to

require at the time of the making of the loan or issuance of the loan

guarantee, or at any time thereafter, in a form acceptable to it, a deed

to all rights and interest in the real or personal property as a

security interest, such deed to be termed a "deed in lieu of

foreclosure", and shall be empowered hereby to record such deed upon a

default in the payment or terms of any loan made by or guaranteed by the

authority, and to thereby transfer to the authority by such recording

both title and all rights of ownership in such property in accordance

with section eighteen hundred four-a of this article;

10. To enter into agreements to pay annual sums in lieu of taxes to

any municipality or taxing district of the state in respect of any real

property which is owned by the authority and located in such

municipality or taxing district, provided, however, that the amount so

paid for any year upon any such property shall not exceed the sum last

paid as taxes on such property to such municipality or taxing district

prior to the time of its acquisition by the authority;

11. To procure insurance against any loss in connection with loans or

with real and personal property or other assets of the authority of any

nature whatsoever in such amounts, and from such insurers, as it deems

desirable;

12. To consent to the modification of the time of payment of any

installment of principal or interest, the rate of interest (within the

limits prescribed by sections eighteen hundred sixteen and eighteen

hundred twenty-one), the security, or any other terms of any loan, loan

guarantee, loan commitment, contract or agreement of any kind to which

the authority is a party whenever it deems it necessary or desirable in

the fulfillment of the purposes of this title;

13. To encourage the organization of local development corporations

and to cooperate with such corporations in the formation of plans for

improving employment opportunities within their areas of operation;

13-a. To develop and annually update a five year strategic plan

setting forth the goals and objectives of the authority for each of the

next five years and annual operational targets that are designed to

ensure the efficient and effective use of the authority's resources in

meeting such goals and objectives. Such strategic plan shall also

include, but not be limited to, information as to the areas of the

state, if any, and the categories of project occupants or business

enterprises as described in section eighteen hundred twenty-seven of

this title, if any, where, and in regard to which, it will seek to

increase its lending activity, and information as to the steps which it

plans on taking to so direct its lending activity. In developing and

updating such strategic plan the authority shall utilize any area

employment opportunity improvement plans formulated in accordance with

subdivision thirteen of this section and such other information which it

deems appropriate. Such categories shall include but not be limited to

minority and women-owned businesses; firms located in economically

distressed rural and urban communities; firms employing displaced

workers or economically disadvantaged individuals, or participants in

job training programs for economically disadvantaged individuals or

displaced workers; or firms, including, but not limited to, cooperative

corporations, involved in acquiring existing businesses that the current

owners have proposed closing or have closed;

13-b. To adopt and, as necessary, revise criteria and methods to be

used by the authority and by local development corporations in

evaluating loan applications in accordance with the provisions of

section eighteen hundred twenty-six of this title and with such other

standards and procedures which it deems necessary and appropriate.

13-c. To adopt and, as necessary, revise criteria to be used in

determining the portion of the cost of individual projects which should

be financed by the authority. Such criteria shall encourage different

levels or degrees of financial assistance by the authority. Copies of

such criteria and methods shall be provided to all local development

corporations;

13-d. To require that any new employment opportunities created in

connection with industrial or commercial projects financed through loans

or loan guarantees from the authority shall be listed with the New York

state department of labor job service division and with the

administrative entity of the service delivery area created pursuant to

the federal job training partnership act (P.L. 97-300) in which the

project is located and shall first consider for such employment

opportunities persons eligible to participate in federal job training

partnership act programs who shall be referred to such firms by such

administrative entities or by the job service division of the department

of labor; provided, however, that nothing contained herein shall be

construed to require project occupants or business entities as defined

in section eighteen hundred twenty-seven of this title, to violate any

existing collective bargaining agreement with respect to the hiring of

new employees. Such listing shall be in a manner and form prescribed by

the authority in consultation with the commissioner of labor and the

commissioner of economic development.

13-e. To implement, on behalf of any local development corporation so

requesting, the responsibilities assigned to such corporation by

subdivision four of section eighteen hundred twenty-five of this title.

14. To cooperate and act in conjunction with any organization, public

or private, or federal or state agency the objects of which within any

area of the state are similar to the purposes of the authority;

15. To accept gifts, grants or loans from, and enter into contracts or

other transactions with, any federal or state agency, any municipality,

any private organization or any other source;

16. To engage the services of bond counsel, accountants or other

private consultants on a contract basis for rendering professional and

technical assistance and advice;

17. To procure insurance to secure the payment of principal and

interest on any bonds, notes or other obligations of the authority;

18. To do any and all things necessary or convenient to (a) carry out

its corporate purposes, (b) exercise the powers given and granted in

this title, and (c) further the goals and objectives and achieve the

operational targets set forth in the strategic plan adopted pursuant to

subdivision thirteen of this section.