2010 New York Code
EDN - Education
Title 1 - GENERAL PROVISIONS
Article 10 - (450 - 471) NEW YORK CITY EDUCATIONAL CONSTRUCTION FUND
454 - General powers and duties of fund.

§ 454. General  powers  and  duties  of  fund. The fund shall have the
  following powers in addition to those specifically  conferred  elsewhere
  in this article:
    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;
    4. With the approval of the comptroller of the city  of  New  York  to
  prescribe a system of accounts;
    5.  To  make  rules  and  regulations  governing  the  exercise of its
  corporate powers and the fulfillment of  its  corporate  purposes  under
  this  article,  which  rules  and  regulations  shall  be filed with the
  secretary of state in the manner provided by section one hundred two  of
  the executive law;
    6.  With the approval of the board of education, to purchase, receive,
  lease or otherwise acquire  real  and  personal  property  necessary  or
  convenient for its corporate purposes;
    7. Subject to the terms and conditions of any lease, sublease or other
  agreement with the board of education, to possess, hold, use and improve
  real  and personal property acquired by or on behalf of the fund so long
  as its corporate existence shall continue;
    8. Upon a two-thirds vote of the trustees of the fund, and subject  to
  the  approval  of the board of education, to design, construct, acquire,
  reconstruct, rehabilitate and improve combined occupancy structures  and
  incidental  or  appurtenant facilities thereto, or cause such structures
  and facilities to be  designed,  constructed,  acquired,  reconstructed,
  rehabilitated  and  improved  in  accordance with the provisions of this
  article;
    9.  In  connection  with  such  design,   construction,   acquisition,
  reconstruction,  rehabilitation  and improvement, to install or cause to
  be installed water, sewer,  gas,  electrical,  telephone,  heating,  air
  conditioning   and   other   utility   services,  including  appropriate
  connections;
    10. Subject to the terms and conditions  of  any  lease,  sublease  or
  other  agreement  with  the  board of education, to maintain, repair and
  keep up the  real  property  held  by  it  and  all  combined  occupancy
  structures   and   facilities   constructed,   acquired,  reconstructed,
  rehabilitated or improved pursuant to this article;
    11. Subject to the terms and conditions  of  any  lease,  sublease  or
  other agreement with third parties and to the determination of the board
  of  education  that such real property is unnecessary for the present or
  foreseeable future school building needs of the city  of  New  York,  to
  surrender  to the appropriate city official, for other public use or for
  sale, lease or other disposition in accordance with law,  real  property
  held by the fund for its corporate purposes;
    12.  To  make  and  execute contracts, leases, subleases and all other
  instruments or agreements necessary or convenient for  the  exercise  of
  its corporate powers and the fulfillment of its corporate purposes under
  this  article,  subject to the approval of the corporation counsel as to
  form of all such documents to which the city of New York is a party; the
  term of any such lease or sublease  or  renewal  thereof  shall  not  be
  limited by any provision of any general, special or local law or charter
  applicable  to  the city of New York or to the board of education of the
  city of New York;
    13. To procure insurance against  any  loss  in  connection  with  its
  property  and  other assets in such amounts and from such insurers as it
  deems desirable;

14. With the consent of the board of  education  to  use  the  agents,
  employees and facilities of the board;
    15.   To   engage   the   services   of   construction,   engineering,
  architectural,  legal   and   financial   consultants,   surveyors   and
  appraisers,  on  a  contract  basis  or  as  employees, for professional
  service and technical assistance and advice;
    16. To assist generally, the department of  general  services  of  the
  city  of  New  York  in  making  land surveys, topographical surveys and
  valuation appraisals of real property sought to be acquired by the board
  of education of the city of New York;
    17. To borrow  money  and  issue  negotiable  notes,  bonds  or  other
  obligations and to provide for the rights of the holders thereof;
    18.  To  invest  any moneys held in any funds or accounts not required
  for immediate use or disbursement, at the discretion  of  the  fund,  in
  obligations  of  the  city, the state or the United States government or
  obligations the principal of and interest on which are guaranteed by the
  city, the state or  the  United  States  government  or  obligations  of
  agencies  or instrumentalities of the United States 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
  temporarily to deposit or invest moneys not required for  immediate  use
  or  disbursement  in  interest  bearing time deposits or certificates of
  deposit issued by, a bank or trust company located and authorized to  do
  business  in  this  state, provided, however, that such time deposits or
  certificates of deposit  shall  be  payable  within  such  time  as  the
  proceeds shall be needed and provided further that such time deposits or
  certificates  of  deposit  be  secured by a pledge of obligations of the
  United States of America, or any obligation fully guaranteed or  insured
  as  to  interest  and  principal  by the United States of America acting
  through an agency,  subdivision,  department  or  division  thereof,  or
  obligations  of  the  state  of  New  York  or  of a corporate agency or
  instrumentality of the state of New York, including the fund itself,  or
  obligations of the city of New York.
    19.  To  accept  any gifts or grants or loans of funds and property or
  financial or other aid in any form from the federal  government  or  any
  agency  or  instrumentality  thereof or from the state or from any other
  source and to comply, subject to the provisions of  this  article,  with
  the terms and conditions thereof;
    20.  At the request or with the approval of the board of education, to
  grant, sell, license, lease or otherwise transfer without public auction
  or bidding any real property or  any  rights  or  interests  therein  or
  thereto, including fee interests, easements, space rights or air rights,
  held  by  it  and  occupied  or  reserved for school purposes and needed
  therefor, to a private  individual  or  private  or  public  corporation
  solely  and  exclusively  for the purpose of developing and constructing
  therein or thereon a combined occupancy structure, or a part or  portion
  thereof,  or  for the purpose of rehabilitating or improving an existing
  school to become part of  a  combined  occupancy  structure  within  the
  meaning  of  this  article  subject to a prior and enforceable agreement
  approved by the board of education for the reconveyance,  retransfer  or
  leaseback  of  the  school portion thereof, upon completion, for use and
  occupancy by the said board of education  in  those  instances  where  a
  grant, sale or lease has been made to such private individual or private
  or  public  corporation;  provided, however, that no such sale, lease or
  transfer of lands or rights therein or thereto is authorized  where  the
  development  of a combined occupancy structure contemplates the erection
  of nonschool facilities or  improvements  over  an  existing  playground
  unless  such  combined  occupancy  structure to be constructed over such

playground shall provide playground area at least equal in size  to  the
  then existing playground area;
    21.  At the request or with the approval of the board of education, to
  contract with the owner or  other  developer  of  a  combined  occupancy
  structure  for  the purchase or lease of the school portion thereof upon
  completion for use and occupancy by the board of education of  the  city
  of New York;
    22.  To  grant,  sell,  lease, sublease or otherwise convey the school
  portion of combined occupancy structures to the city of New York for use
  and occupancy by the board of education of the city of New York; and
    23. To do any and all things necessary or convenient to carry out  its
  corporate  purposes  and  exercise the powers given and granted to it in
  this article.