N.Y. Public Authorities Law § 2434: Powers of the agency

§ 2434. Powers of the agency. Except as otherwise limited by this

title, the agency shall have power:

(1) To sue and be sued;

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

(3) To make and execute contracts and all other instruments necessary

or convenient for the exercise of its powers and functions under this

title, including, without limitation, any special program agreement

entered into pursuant to the provisions of section twenty-four hundred

thirty-five-a of this title, any purchase and sale agreement entered

into pursuant to the provisions of section twenty-four hundred

thirty-five-b of this title and any special school deficit program

agreement entered into pursuant to section twenty-four hundred

thirty-five-e of this title;

(4) To make and alter by-laws for its organization and internal

management;

(5) To acquire, hold and dispose of real and personal property for its

corporate purposes;

(5-a) To establish, create or otherwise form and control one or more

trusts or other single purpose entities to facilitate the purchase of

tax liens and the issuance of tax lien collateralized securities;

(6) To appoint officers, agents and employees, prescribe their duties

and qualifications and fix their compensation;

(7) To acquire, and contract to acquire, bonds issued by

municipalities and to enter into advance commitments to municipalities

for the purchase of said bonds, all subject to the provisions of section

two thousand four hundred thirty-five of this title;

(7-a) To acquire, and contract to acquire, tax liens and to enter into

advance commitments with a municipality for the purchase of such tax

liens, all subject to the provisions of section twenty-four hundred

thirty-five-b of this title;

(7-b) To acquire and contract to acquire local ARRA bonds, and to

enter into arrangements with a municipality for the purchase of its

local ARRA bonds;

(7-c) To acquire and contract to acquire, and to enter into

arrangements with a municipality for the purchase of its local public

safety communications bonds.

(8) Subject to any agreement with bondholders or noteholders, to

invest moneys of the agency not required for immediate use or

disbursement, including proceeds from the sale of any bonds or notes, in

(a) obligations of the state or the United States of America, (b)

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

state or by the United States of America or an agency or instrumentality

of the United States of America, (c) obligations of agencies or

instrumentalities of the United States of America or (d) interest

bearing time deposits of banks or trust companies secured by obligations

described in clauses (a), (b) or (c) of this subdivision or by

obligations of agencies or instrumentalities of the state;

(9) Subject to any agreement with bondholders or noteholders, to

purchase bonds or notes of the agency, which shall thereupon be

cancelled, at a price not exceeding (a) if the bonds or notes are then

redeemable, the redemption price then applicable plus accrued interest

to the next interest payment date thereon, or (b) if the bonds or notes

are not then redeemable, the redemption price applicable on the first

date after such purchase upon which the notes or bonds become subject to

redemption plus accrued interest to said date;

(10) To borrow money and to issue negotiable bonds and notes and to

provide for and secure the payment thereof and to provide for the rights

of the holders thereof;

(11) To make and execute contracts for the servicing of municipal

bonds acquired by the agency pursuant to this title, and for the

servicing of special program agreements, special school purpose

agreements and special school deficit program agreements, and to pay the

reasonable value of services rendered to the agency pursuant to those

contracts;

(11-a) To make and execute contracts for professional services

including, but not limited to, attorneys, financial advisors, due

diligence providers and other professional services related to the

servicing of tax liens acquired by the agency or its tax lien entity

pursuant to this title, and for the servicing of tax lien purchase and

sale agreements, and to pay the reasonable value of services rendered to

the agency or its tax lien entity pursuant to those contracts;

(12) To contract with the New York State housing finance agency to

render such services as the agency may deem appropriate, including but

not limited to the use of the premises, personnel and personal property

of the New York State housing finance agency, and to pay the reasonable

costs thereof and provide for the reimbursement to the New York state

housing finance agency for any expenses necessarily incurred by the New

York state housing financing agency in carrying out the terms of such

contract. Any such contract shall be subject to the separate approval of

the director of the budget;

(13) To contract for and to accept any gifts or grants or loans of

funds or property or financial or other aid in any form from the federal

government or any agency or instrumentality thereof, or from the state

or any agency or instrumentality thereof, or from any other source and

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

conditions thereof;

(14) To acquire, hold, use and dispose of its income, revenues, funds

and moneys;

(15) To fix, revise, from time to time, charge and collect such fees

and charges, including but not limited to reimbursement of all costs of

financing by the agency and its tax lien entity, and service charges, as

the agency shall determine to be reasonable;

(16) Subject to any agreement with bondholders or noteholders, consent

to the modification with respect to rate or rates of interest, time of

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

other term of any municipal bond of which it is the holder, or of any

contract or agreement of any kind to which it is a party;

(16-a) Subject to any agreement with the holders or owners of tax lien

collateralized securities, consent to the modification with respect to

the time of payment, interest or penalties of a tax lien owned by the

agency or its tax lien entity, or of any other contract or agreement to

which it is a party;

(17) To establish any terms and provisions with respect to any

purchase of municipal bonds by the agency, including date and maturities

of the bonds, provisions as to redemption or payment prior to maturity,

and any other matters which are necessary, desirable or advisable in the

judgment of the agency;

(17-a) To establish any terms and provisions with respect to any

purchase of tax liens by the agency or its tax lien entity, including

the sale date and, subject to terms of the tax liens purchased,

provisions as to redemption or payment prior to the stated redemption

date, and any other matters which are necessary, desirable or advisable

in the judgment of the agency;

(18) To establish any terms and provisions with respect to any special

program agreement, special school purpose agreement or special school

deficit program agreement, including any terms for payment, and any

other matters which are necessary, desirable or advisable in the

judgment of the agency;

(18-a) To establish any terms and provisions with respect to any tax

lien purchase and sale agreement, including any terms for payment, and

any other matters which are necessary, desirable or advisable in the

judgment of the agency;

(19) To certify to the comptroller the need for diversion of state aid

payable to any municipality in default on its bonds or failing to make

the required appropriation for interest and principal on any bonds held

by the agency pursuant to the provisions of section twenty-four hundred

thirty-six of this title;

(20) To certify to the comptroller the need for diversion of state aid

payable to any special program municipality failing to make a scheduled

payment to or for the account of the agency under a special program

agreement entered into by the agency for the purpose described in

paragraph (a) of subdivision one of section twenty-four hundred

thirty-five-a of this title;

(21) To pledge or assign, as security for any of its bonds or notes,

any moneys, funds, municipal bonds, special program agreements, special

school purpose agreements, or special school deficit program agreements,

assets or revenues of the agency, including, without limitation, any

state aid or school aid received or receivable pursuant to section

twenty-four hundred thirty-six of this title;

* (21-a) To certify to the comptroller the need for diversion of

school aid payable to any special program municipality failing to make a

scheduled payment to or for the account of the agency under a special

program agreement entered into by the agency for the purpose described

in paragraph (b) of subdivision one of section twenty-four hundred

thirty-five-a of this title;

* NB There are 2 sub (21-a)'s

* (21-a) To pledge or assign as security for any tax lien

collateralized securities any tax liens, moneys, funds, tax lien

purchase and sale agreements, assets or revenue of the agency or its tax

lien entity;

* NB There are 2 sub (21-a)'s

(21-b) To certify to the comptroller, with a copy to the commissioner

of education, the amounts required with respect to special school

purpose bonds as described in section twenty-four hundred thirty-five-d

of this title.

(21-c) To certify to the comptroller, with a copy to the commissioner

of education, the need for diversion of school aid payable to a special

school deficit program district to make a scheduled payment to or for

the account of the agency under a special school deficit program

agreement entered into by the agency pursuant to section twenty-four

hundred thirty-five-e of this title.

(22) To do any and all things necessary or convenient to carry out its

purposes and exercise powers given and granted in this title.