2012 New York Consolidated Laws
PBA - Public Authorities
Article 10 - NEW YORK STATE MUNICIPAL ASSISTANCE CORPORATION ACT
Title 2 - (3010 - 3021) GENERAL PROVISIONS RELATING TO MUNICIPAL ASSISTANCE CORPORATIONS
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.