2006 New York Code - 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.