N.Y. Public Authorities Law § 3854: General powers of the authority

§ 3854. General powers of the authority. Except as otherwise limited

by this title, the authority shall have the following powers in addition

to those specially conferred elsewhere in this title, subject only to

agreements with bondholders:

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 management and

subject to agreements with its bondholders, to make and alter rules and

regulations governing the exercise of its powers and fulfillment of its

purposes under this title;

4. to make and execute contracts and all other instruments or

agreements necessary or convenient to carry out any powers and functions

expressly given in this title;

5. to commence any action to protect or enforce any right conferred

upon it by any law, contract or other agreement;

6. to borrow money and issue bonds, notes or other obligations, or to

refund the same, and to provide for the rights of the holders of its

bonds, notes or other obligations;

7. as security for the payment of the principal of and interest on any

bonds, notes or other obligations issued by it pursuant to this title

and any agreements made in connection therewith and for its obligations

under bond facilities, to pledge all or any part of its revenues or

assets;

8. to procure insurance, letters of credit or other credit enhancement

with respect to its bonds, notes or other obligations, or facilities for

the payment of tenders of such bonds, notes or other obligations or

facilities for the payment upon maturity of short-term notes not

renewed;

9. to enter into interest rate exchange or similar arrangements with

any person under such terms and conditions as the authority may

determine, not inconsistent with the general laws of this state and

other provisions of this title, including, without limitation,

provisions as to default or early termination and indemnification by the

authority or any other party thereto for loss of benefits as a result

thereof; provided, however, that such exchanges or similar arrangements

shall be limited to twenty-five percent of the amount authorized in

subdivision one of section thirty-eight hundred sixty-two of this title

to pay the financeable costs described in paragraph (a), (c), (d) or (e)

of subdivision fifteen of section thirty-eight hundred fifty-one of this

title;

10. to accept gifts, grants, loans or contributions of funds or

financial or other aid in any form from the city, county, state or

federal government or any agency or instrumentality thereof, or from any

other source and to expend the proceeds for any of its corporate

purposes in accordance with the provisions of this title;

11. subject to the provisions of any contract with 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

authority, in (a) obligations of the state or the United States

government, (b) obligations the principal and interest of which are

guaranteed by the state or the United States government, (c)

certificates of deposit, whether negotiable or non-negotiable, and

banker's acceptances of any of the fifty largest banks in the United

States which bank, at the time of investment, has an outstanding

unsecured, uninsured and unguaranteed debt issue ranked by two

nationally recognized independent rating agencies at a rating category

that is no lower than the then current rating of the authority's bonds,

notes or other obligations, (d) commercial paper of any bank or

corporation created under the laws of either the United States or any

state of the United States which commercial paper, at the time of the

investment, has received the highest rating of two nationally recognized

independent rating agencies, (e) bonds, debentures, or other evidences

of indebtedness, issued or guaranteed at the time of the investment by

the federal national mortgage association, federal home loan mortgage

corporation, student loan marketing association, federal farm credit

system, or any other United States government sponsored agency, provided

that at the time of the investment such agency receives, or its

obligations receive, any of the three highest rating categories of two

nationally recognized independent rating agencies, (f) any bonds or

other obligations of any state or the United States of America or of any

political subdivision thereof or any agency, instrumentality or local

governmental unit of any such state or political subdivision which bonds

or other obligations, at the time of the investment have received any of

the three highest ratings of two nationally recognized independent

rating agencies, (g) any repurchase agreement with any bank or trust

company organized under the laws of any state of the United States of

America or any national banking association or government bond dealer

reporting to, trading with, and recognized as a primary dealer by the

Federal Reserve Bank of New York, which agreement is secured by any one

or more of the securities described in paragraph (a), (b) or (e) of this

subdivision, which securities shall at all times have a market value of

not less than the full amount of the repurchase agreement and be

delivered to another bank or trust company organized under the laws of

the state or any national banking association domiciled in the state, as

custodian, and (h) reverse repurchase agreements with any bank or trust

company organized under the laws of any state of the United States of

America or any national banking association or government bond dealer

reporting to, trading with, and recognized as a primary dealer by the

Federal Reserve Bank of New York, which agreement is secured by any one

or more of the securities described in paragraph (a), (b) or (e) of this

subdivision which securities shall at all times have a market value of

not less than the full amount of the repurchase agreement and be

delivered to another bank or trust company organized under the laws of

the state or any national banking association domiciled in the state, as

custodian.

12. to appoint such officers and employees as it may require for the

performance of its duties and to fix and determine their qualifications,

duties, and compensation, and to retain or employ counsel, auditors and

private financial consultants and other services on a contract basis or

otherwise for rendering professional, business or technical services and

advice; and, in taking such actions, the authority shall consider the

financial impact on the city; and

13. 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; provided, however, such authority shall under no circumstances

acquire, hold or transfer title to, lease, own beneficially or

otherwise, manage, operate or otherwise exercise control over any real

property, any improvement to real property or any interest therein other

than a lease or sublease of office space deemed necessary or desirable

by the authority.