N.Y. Public Authorities Law § 1974: Powers of the authority

§ 1974. Powers of the authority. The authority shall have power:

1. To sue and be sued;

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

3. To acquire, lease, hold, mortgage and dispose of real property and

personal property or any interest therein for its corporate purposes;

4. To acquire, construct, improve, enlarge, operate and maintain a

project within the project area as defined herein and all other

structures, appurtenances and facilities necessary or convenient in

connection therewith, provided, however, that all contracts for

construction let by the authority shall be let in conformity with the

provisions of section one hundred thirty-five of the state finance law,

except that contracts for construction let by subsidiaries of the

authority shall be governed instead by the applicable provisions of the

private housing finance law;

5. To appoint officers, agents and employees, prescribe their

qualifications and duties and fix their compensation;

6. To make by-laws for the management and regulation of its affairs,

and, subject to agreements with bondholders, for the regulation of the

projects;

7. With the consent of the city to use agents, employees and

facilities of the city, paying to the city its agreed proportion of the

compensation or cost;

8. To make contracts and to execute all necessary or convenient

instruments, including leases and subleases, evidences of indebtedness,

negotiable or non-negotiable;

9. To engage the services of consultants on a contract basis for

rendering professional and technical assistance and advice;

10. To accept grants, loans or contributions from the United States,

or the state or the city, or any agency or instrumentality of any of

them, or from any other source and to expend the proceeds for any

corporate purpose;

11. To fix, establish and collect rates, rentals, fees and other

charges for the use of the project, subject to and in accordance with

such agreements with bondholders and noteholders as may be made as

hereinafter provided;

12. To create subsidiaries pursuant to section nineteen hundred

seventy-four-a of this title;

13. To lend or donate monies, whether secured or unsecured, to any

subsidiary, and to purchase, sell or pledge the shares, bonds or other

obligations or securities thereof, on such terms and conditions as the

authority may deem advisable;

14. To make loans secured by a first mortgage, and to make temporary

loans or advances, to any housing company organized to provide housing

within the Battery Park city project area pursuant to and subject to the

provisions of article two, article four or article eleven of the private

housing finance law, including any subsidiary of the authority, and to

undertake commitments therefor. Any such commitments or loans may

contain such terms and conditions not inconsistent with the provisions

of this title as the authority may deem necessary or desirable to secure

repayment of its loan, the interest, if any, thereon and other charges

in connection therewith;

15. Subject to the provisions of any contract with noteholders or

bondholders, to sell, at public or private sale, any mortgage or other

security for a mortgage loan made by the authority;

16. In connection with the making of mortgage loans and commitments

therefor, to make, fix or establish and collect such fees and charges,

including but not limited to reimbursement of all costs of financing by

the authority, service charges and insurance premiums, as the authority

shall determine to be reasonable subject to the provisions of any

contract with noteholders or bondholders;

17. To procure or agree to the procurement of insurance or guarantees

from the federal government of the payment of any bonds or notes,

mortgages or any other evidences of indebtedness issued by the authority

or its subsidiaries, including the power to pay premiums on any such

insurance;

18. Subject to the provisions of any contract with noteholders or

bondholders, to consent to the modification, with respect to rate of

interest, time of payment of any installment of principal or interest,

security or any other term, of any mortgage, mortgage loan, mortgage

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

authority is a party;

19. In connection with any property on which the authority has made a

mortgage loan, to foreclose on any such property or commence any action

to protect or enforce any right conferred upon the authority by any law,

mortgage, contract or other agreement, 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

complete, administer, pay the principal of and interest on any

obligations incurred in connection with such property, and dispose of,

and otherwise deal with, such property, in such manner as may be

necessary or desirable to protect the interests of the authority

therein;

20. To manage any project, whether or not then owned or leased by the

authority, and to enter into agreements with the state or any

municipality or any agency or instrumentality thereof, or with any

person, firm, partnership or corporation, either public or private, for

the purpose of causing any project to be managed;

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

property and other assets and operations in such amounts and from such

insurers as it deems desirable;

22. Notwithstanding the provisions of this title or of any other law,

general, special or local, whenever the authority shall find that the

maximum rentals charged tenants of the dwellings in any project financed

by the authority in whole or in part shall not be sufficient, together

with all other income of the mortgagor, to meet within reasonable limits

all necessary payments to be made by the mortgagor of all expenses

including fixed charges, sinking funds, reserves and dividends, to

request the mortgagor to make application to vary the rental rate for

such dwellings so as to secure sufficient income, and upon failure of

the mortgagor to take such action within sixty days after receipt of

written request from the authority to do so, to vary such rental rate by

action of the authority.

23. To do all things necessary or convenient to carry out the powers

expressly given in this title.

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

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

25. To carry out its powers and responsibilities with respect to the

chapter of the laws of nineteen hundred ninety which enacted this

subdivision.