N.Y. Public Authorities Law § 3010: Creation; purposes and general powers of a municipal assistance corporation

§ 3010. Creation; purposes and general powers of a municipal assistance

corporation. A municipal assistance corporation shall be created by a

special law of the legislature. The purposes of a municipal assistance

corporation shall be to assist a municipality attempting to provide,

without interruption, services essential to its inhabitants while

meeting its obligation to the holders of its outstanding securities.

Such assistance shall be provided through the issuance and sale of bonds

and notes and paying or lending funds received from such sale to the

municipality, or through the exchange of its obligations for obligations

of the municipality. To carry out the aforesaid purposes, a municipal

assistance corporation shall have, in addition to any powers

specifically granted in the special act creating such municipal

assistance corporation, the following powers: (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 dispose of such real or personal property that, in the

judgment of the municipal assistance 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 lend or otherwise transfer to the

municipality for which the municipal assistance corporation was created

such sums of money as are not required for other purposes; (9) to borrow

money and to issue notes or bonds 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 funds or accounts (except as hereafter

provided), or any funds not required for immediate use or disbursement,

at the discretion of the municipal assistance corporation, in

obligations of the municipality being assisted or obligations of the

state or federal government, obligations the principal of and interest

on which are guaranteed by such municipality, the state or federal

government, or obligations of agencies of such municipality, the state

or 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 comptroller or

in a secured time deposit or other interest-bearing accounts secured by

such obligations; provided, however, that no funds held in a capital

reserve fund may be invested in obligations of or guaranteed by the

municipality being assisted or of any of its agencies; (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) subject to the approval of the director of the budget 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 or notes so issued

and any agreements made in connection therewith to pledge all or part of

its property or revenues; (16) to require any municipality to which

assistance is provided under this article or any authority, agency or

other body established by or on behalf of such municipality to make

available all books and records, and to furnish copies of all financial

statements, budgets, forecasts, projections and related information as

may be requested; (17) to pay the expenses of the operation of the

corporation, including but not limited to the repayment to the state of

any advance to the corporation under any agreement between the

corporation and the director of the budget out of any revenues available

to the corporation and not otherwise pledged except the proceeds of its

notes and bonds; and (18) in connection with any agreement by the

federal government or any agency or instrumentality thereof to guarantee

the payment of the principal of or the interest on the obligations

issued by the municipality for which the municipal assistance

corporation was created, to enter into one or more agreements with the

federal government or any agency or instrumentality thereof in respect

of such guarantee containing terms and conditions required by the

secretary of the treasury pursuant to the federal act authorizing the

issuance of such guarantees and to comply with such terms and

conditions, including, without limitation, a requirement that the

corporation make deposits or cause monies to be deposited in a fund or

funds established in connection with the issuance of guaranteed

obligations or funds pursuant to the terms and conditions of such

guarantee; and (19) to do any and all things necessary or convenient to

carry out its purposes and exercise the powers expressly given and

granted in this article or in the special act creating such municipal

assistance corporation.