N.Y. Public Authorities Law § 3954: General powers of the authority

§ 3954. 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-nine hundred sixty-two of this title

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

of subdivision thirteen of section thirty-nine hundred fifty-one of this

title;

10. to procure insurance, letters of credit or other credit

enhancement with respect to arrangements described in subdivision nine

of this section;

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

financial or other aid in any form from the 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;

12. subject to the provisions of any contract with bondholders in

respect of escrow accounts to secure bonds that have been refunded or

debt service funds in which revenues are deposited to secure bonds,

notes or other indebtedness issued under this act, 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.

13. 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 county.

14. 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.