N.Y.
Public Authorities Law Section 2535
General powers of the corporation
(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 to dispose of such real or personal property that, in the judgment of the 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 transfer to the city such sums of money as are not required for other purposes;(9)
to borrow money and to issue negotiable notes or bonds or other obligations 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 reserves or sinking funds, or any funds not required for immediate use or disbursement, at the discretion of the corporation, in obligations of the city, state or federal government, obligations the principal of and interest on which are guaranteed by the city, state or federal government, or obligations of agencies of the 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 state comptroller or in secured time deposits or other interest bearing accounts secured by such obligations;(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)
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 so issued and any agreements made in connection therewith, to pledge all or any part of its revenues;(16)
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.
Source:
Section 2535 — General powers of the corporation, https://www.nysenate.gov/legislation/laws/PBA/2535 (updated Sep. 22, 2014; accessed Oct. 26, 2024).
