§ 1265. General powers of the authority. Except as otherwise limited\nby this title, the authority shall have power:\n 1. To sue and be sued;\n 2. To have a seal and alter the same at pleasure;\n 3. To borrow money, to issue negotiable notes, bonds or other\nobligations and to provide for the rights of the holders thereof, and to\nfinance or refinance all or any part of the costs to the authority or to\nany other person or entity, public or private, of the planning, design,\nacquisition, construction, improvement, reconstruction or rehabilitation\nof any transportation facility;\n 3-a. (b) The authority shall report on any issuances or obligations\nincurred related to paragraph (a) of this subdivision. Such report shall\ninclude, but not be limited to, an explanation of each note, bond, or\nobligation and their respective values issued by the authority pursuant\nto decreases in revenue in whole or in part due to the state disaster\nemergency caused by novel coronavirus, COVID-19. The report shall also\nprovide: (i) details of such decreases in revenue in whole, (ii) details\nof such decreases in revenue in part, (iii) details of such increases in\ncosts, (iv) the methodology used by the authority or metropolitan\ntransportation authority to calculate such changes, (v) an explanation\nfor attributing a particular increase in cost or a particular decrease\nin revenue, to the state disaster emergency caused by coronavirus,\nCOVID-19, and (vi) how the authority determined that the particular\nnote, bond, or obligation issued was its most desired option. Such\nreport shall be posted on the authority's website and be submitted to\nthe governor, the temporary president of the senate, the speaker of the\nassembly, the mayor and council of the city of New York, the\nmetropolitan transportation authority board, and the metropolitan\ntransportation authority capital program review board.\n 4. To invest any funds, accounts or other monies not required for\nimmediate use or disbursement, at the discretion of the authority, in\n(a) obligations of the state or the United States government, (b)\nobligations the principal and interest of which are guaranteed by the\nstate or the United States government, (c) certificates of deposit of\nbanks or trust companies in this state, secured, if the authority shall\nso require, by obligations of the United States or of the state of New\nYork of a market value equal at all times to the amount of the deposit,\n(d) banker's acceptances with a maturity of ninety days or less which\nare eligible for purchase by the Federal Reserve Banks and whose rating\nat the time of purchase is in the highest rating category of two\nnationally recognized independent rating agencies, provided, however,\nthat the amount of banker's acceptances of any one bank shall not exceed\ntwo hundred fifty million dollars, (e) obligations of any bank or\ncorporation created under the laws of either the United States or any\nstate of the United States maturing within two hundred seventy days,\nprovided that such obligations receive the highest rating of two\nnationally recognized independent rating agencies and, provided further,\nthat no more than two hundred fifty million dollars may be invested in\nsuch obligations of any one bank or corporation, (f) as to any such\nmoneys held in reserve and sinking funds, other securities in which the\ntrustee or trustees of any public retirement system or pension fund has\nthe power to invest the monies thereof pursuant to article four-a of the\nretirement and social security law, each such reserve and sinking fund\nbeing treated as a separate fund for the purposes of article four-a of\nthe retirement and social security law, (g) notes, bonds, debentures,\nmortgages and other evidences of indebtedness, issued or guaranteed at\nthe time of the investment by the United States Postal Service, the\nfederal national mortgage association, the federal home loan mortgage\ncorporation, the student loan marketing association, the federal farm\ncredit system, or any other United States government sponsored agency,\nprovided that at the time of the investment such agency or its\nobligations are rated and the agency receives, or its obligations\nreceive, the highest rating of all independent rating agencies that rate\nsuch agency or its obligations, provided, however, that no more than two\nhundred fifty million dollars or such greater amount as may be\nauthorized for investment for the state comptroller by section\nninety-three of the state finance law may be invested in the obligations\nof any one agency, (h) general obligation bonds and notes of any state\nother than the state, provided that such bonds and notes receive the\nhighest rating of at least one independent rating agency, and bonds and\nnotes of any county, town, city, village, fire district or school\ndistrict of the state, provided that such bonds and notes receive either\nof the two highest ratings of at least two independent rating agencies,\n(i) mutual funds registered with the United States securities and\nexchange commission whose investments are limited to obligations of the\nstate described in paragraph (a) of this subdivision, obligations the\nprincipal and interest of which are guaranteed by the state described in\nparagraph (b) of this subdivision, and those securities described in\nparagraph (h) of this subdivision and that have received the highest\nrating of at least one independent rating agency, provided that the\naggregate amount invested at any one time in all such mutual funds shall\nnot exceed ten million dollars, and, provided further, that the\nauthority shall not invest such funds, accounts or other monies in any\nmutual fund for longer than thirty days, and (j) financial contracts in\na foreign currency entered into for the purpose of minimizing the\nforeign currency exchange risk of the purchase price of a contract with\na vendor chosen through competitive process for the acquisition of\ncapital assets for the benefit of the capital program of the Triborough\nbridge and tunnel authority or either the transit or transportation\ncapital programs;\n 5. To make and alter by-laws for its organization and internal\nmanagement, and rules and regulations governing the exercise of its\npowers and the fulfillment of its purposes under this title;\n 6. (a) To enter into contracts and leases and to execute all\ninstruments necessary or convenient;\n (b) With respect to any lease transaction entered into pursuant to\nsection 168 (f) (8) of the United States internal revenue code or any\nsuccessor provisions, the authority shall meet the following standards\nand procedures:\n (i) notice of intention to negotiate shall be published in at least\none newspaper of general circulation, and a copy thereof shall be mailed\nto all parties who have requested notification from the authority to\nengage in transactions of this type. Such notice shall describe the\nnature of the proposed transaction and the factors subject to\nnegotiation, which shall include, but not be limited to, the price to be\npaid to the authority;\n (ii) the authority shall negotiate with those respondents whose\nresponse complies with the requirements set forth in the notice;\n (iii) the board of the authority shall resolve on the basis of\nparticularized findings relevant to the factors negotiated that such\ntransaction will provide maximum available financial benefits,\nconsistent with other defined objectives and requirements.\n (c) The authority shall provide to the governor, the temporary\npresident of the senate, the speaker of the assembly, the minority\nleader of the senate and the minority leader of the assembly, notice of\neach lease entered into pursuant to paragraph (b) of this subdivision\nand supporting documentation of compliance by the authority with\nsubparagraphs (i), (ii) and (iii) of paragraph (b) of this subdivision;\n (d) Paragraphs (b) and (c) of this subdivision shall be of no force\nand effect with respect to any lease transaction entered into pursuant\nto a commitment approved prior to January first, nineteen hundred\neighty-five by the board of the authority.\n * 7. To acquire, hold and dispose of real or personal property in the\nexercise of its powers, including, the power to dispose of personal\nproperty with a value of five hundred thousand dollars or less by public\nauction in accordance with guidelines adopted by the authority pursuant\nto title five-A of article nine of this chapter. The board shall adopt\nguidelines that shall provide for advertising and such other safeguards\nas the authority may deem appropriate in the public interest.\n * NB Effective until June 30, 2028\n * 7. To acquire, hold and dispose of real or personal property in the\nexercise of its powers;\n * NB Effective June 30, 2028\n 8. To appoint such officers and employees as it may require for the\nperformance of its duties, and to fix and determine their\nqualifications, duties, and compensation and to retain or employ\ncounsel, auditors, engineers and private consultants on a contract basis\nor otherwise for rendering professional or technical services and\nadvice;\n 9. (a) Notwithstanding section one hundred thirteen of the retirement\nand social security law or any other general or special law, the\nauthority and any of its subsidiary corporations may continue or provide\nto its affected officers and employees any retirement, disability, death\nor other benefits provided or required for railroad personnel pursuant\nto federal or state law;\n (b) The authority and any of its public benefit subsidiary\ncorporations may be a "participating employer" in the New York state\nemployees' retirement system with respect to one or more classes of\nofficers and employees of such authority or any such public benefit\nsubsidiary corporation, as may be provided by resolution of such\nauthority or any such public benefit subsidiary corporation, as the case\nmay be, or any subsequent amendment thereof, filed with the comptroller\nand accepted by him pursuant to section thirty-one of the retirement and\nsocial security law. In taking any action pursuant to this paragraph\n(b), the authority and any of its public benefit subsidiary corporations\nshall consider the coverages and benefits continued or provided pursuant\nto paragraph (a) of this subdivision;\n 10. To make plans, surveys, and studies necessary, convenient or\ndesirable to the effectuation of the purposes and powers of the\nauthority and to prepare recommendations in regard thereto;\n 11. To enter upon such lands, waters or premises as in the judgment of\nthe authority may be necessary, convenient or desirable for the purpose\nof making surveys, soundings, borings and examinations to accomplish any\npurpose authorized by this title, the authority being liable for actual\ndamage done;\n 12. The authority may conduct investigations and hearings in the\nfurtherance of its general purposes, and in aid thereof have access to\nany books, records or papers relevant thereto; and if any person whose\ntestimony shall be required for the proper performance of the duties of\nthe authority shall fail or refuse to aid or assist the authority in the\nconduct of any investigation or hearing, or to produce any relevant\nbooks, records or other papers, the authority is authorized to apply for\nprocess of subpoena, to issue out of any court of general original\njurisdiction whose process can reach such person, upon due cause shown;\n 13. A copy of any report submitted by the authority pursuant to\nsections twenty-eight hundred, twenty-eight hundred one and twenty-eight\nhundred two of this chapter shall be forwarded to the mayor of the city\nof New York and to the chairman of the board of supervisors and to the\ncounty executive, if any, of each county within the district.\n 14. To do all things necessary, convenient or desirable to carry out\nits purposes and for the exercise of the powers granted in this title.\n