N.Y. Public Authorities Law § 2535: General powers of the corporation

§ 2535. General powers of the corporation. The corporation shall have

the following powers in addition to those specially conferred 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 and, subject to agreements with noteholders or

bondholders, to make rules and regulations governing the use of its

property and facilities; (4) to make and execute contracts, leases,

subleases and all other instruments or agreements necessary or

convenient for the exercise of its powers and functions under this

title; (5) to purchase real or personal property necessary and

convenient for its corporate purposes; to execute and deliver deeds for

real property held in its own name; and to sell or otherwise to dispose

of such real or personal property that, in the judgment of the

corporation, is no longer necessary for its corporate purposes; (6) to

appoint officers, agents and employees, prescribe their duties and

qualifications and fix their compensation; (7) to commence any action to

protect or enforce any right conferred upon it by any law, contract or

other agreement; (8) subject to other provisions of law, to transfer to

the city such sums of money as are not required for other purposes; (9)

to borrow money and to issue negotiable notes or bonds or other

obligations and to fund or refund the same, and to provide for the

rights of the holders of its obligations; (10) subject to the provisions

of any contract with noteholders or bondholders, 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 corporation, in

obligations of the city, state or federal government, obligations the

principal of and interest on which are guaranteed by the city, state or

federal government, or obligations of agencies of the federal government

which may, from time to time, be legally purchased by savings banks of

the state as investments of funds belonging to them or in their control

and which have been approved by the state comptroller or in secured time

deposits or other interest bearing accounts secured by such obligations;

(11) subject to the provisions of any contract with noteholders or

bondholders, to purchase notes or bonds of the corporation; (12) to

procure insurance against any loss in such amounts and from such

insurers as it deems desirable; (13) to engage the services of

consultants on a contract basis for rendering professional and technical

assistance and advice; (14) 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 any other source and to comply with the terms and

conditions thereof; (15) as security for the payment of the principal of

and interest on any bonds so issued and any agreements made in

connection therewith, to pledge all or any part of its revenues; (16) to

do any and all things necessary or convenient to carry out its purposes

and exercise the powers expressly given and granted in this title.