§ 454 — General powers and duties of fund

§ 454. General powers and duties of fund. The fund shall have the\nfollowing powers in addition to those specifically conferred elsewhere\nin this article:\n 1. To sue and be sued;\n 2. To have a seal and alter the same at pleasure;\n 3. To make and alter by-laws for its organization and internal\nmanagement;\n 4. With the approval of the comptroller of the city of New York to\nprescribe a system of accounts;\n 5. To make rules and regulations governing the exercise of its\ncorporate powers and the fulfillment of its corporate purposes under\nthis article, which rules and regulations shall be filed with the\nsecretary of state in the manner provided by section one hundred two of\nthe executive law;\n 6. With the approval of the board of education, to purchase, receive,\nlease or otherwise acquire real and personal property necessary or\nconvenient for its corporate purposes;\n 7. Subject to the terms and conditions of any lease, sublease or other\nagreement with the board of education, to possess, hold, use and improve\nreal and personal property acquired by or on behalf of the fund so long\nas its corporate existence shall continue;\n 8. Upon a two-thirds vote of the trustees of the fund, and subject to\nthe approval of the board of education, to design, construct, acquire,\nreconstruct, rehabilitate and improve combined occupancy structures and\nincidental or appurtenant facilities thereto, or cause such structures\nand facilities to be designed, constructed, acquired, reconstructed,\nrehabilitated and improved in accordance with the provisions of this\narticle;\n 9. In connection with such design, construction, acquisition,\nreconstruction, rehabilitation and improvement, to install or cause to\nbe installed water, sewer, gas, electrical, telephone, heating, air\nconditioning and other utility services, including appropriate\nconnections;\n 10. Subject to the terms and conditions of any lease, sublease or\nother agreement with the board of education, to maintain, repair and\nkeep up the real property held by it and all combined occupancy\nstructures and facilities constructed, acquired, reconstructed,\nrehabilitated or improved pursuant to this article;\n 11. Subject to the terms and conditions of any lease, sublease or\nother agreement with third parties and to the determination of the board\nof education that such real property is unnecessary for the present or\nforeseeable future school building needs of the city of New York, to\nsurrender to the appropriate city official, for other public use or for\nsale, lease or other disposition in accordance with law, real property\nheld by the fund for its corporate purposes;\n 12. To make and execute contracts, leases, subleases and all other\ninstruments or agreements necessary or convenient for the exercise of\nits corporate powers and the fulfillment of its corporate purposes under\nthis article, subject to the approval of the corporation counsel as to\nform of all such documents to which the city of New York is a party; the\nterm of any such lease or sublease or renewal thereof shall not be\nlimited by any provision of any general, special or local law or charter\napplicable to the city of New York or to the board of education of the\ncity of New York;\n 13. To procure insurance against any loss in connection with its\nproperty and other assets in such amounts and from such insurers as it\ndeems desirable;\n 14. With the consent of the board of education to use the agents,\nemployees and facilities of the board;\n 15. To engage the services of construction, engineering,\narchitectural, legal and financial consultants, surveyors and\nappraisers, on a contract basis or as employees, for professional\nservice and technical assistance and advice;\n 16. To assist generally, the department of general services of the\ncity of New York in making land surveys, topographical surveys and\nvaluation appraisals of real property sought to be acquired by the board\nof education of the city of New York;\n 17. To borrow money and issue negotiable notes, bonds or other\nobligations and to provide for the rights of the holders thereof;\n 18. To invest any moneys held in any funds or accounts not required\nfor immediate use or disbursement, at the discretion of the fund, in\nobligations of the city, the state or the United States government or\nobligations the principal of and interest on which are guaranteed by the\ncity, the state or the United States government or obligations of\nagencies or instrumentalities of the United States government which may\nfrom time to time be legally purchased by savings banks of the state as\ninvestments of funds belonging to them or in their control; and\ntemporarily to deposit or invest moneys not required for immediate use\nor disbursement in interest bearing time deposits or certificates of\ndeposit issued by, a bank or trust company located and authorized to do\nbusiness in this state, provided, however, that such time deposits or\ncertificates of deposit shall be payable within such time as the\nproceeds shall be needed and provided further that such time deposits or\ncertificates of deposit be secured by a pledge of obligations of the\nUnited States of America, or any obligation fully guaranteed or insured\nas to interest and principal by the United States of America acting\nthrough an agency, subdivision, department or division thereof, or\nobligations of the state of New York or of a corporate agency or\ninstrumentality of the state of New York, including the fund itself, or\nobligations of the city of New York.\n 19. To accept any gifts or grants or loans of funds and property or\nfinancial or other aid in any form from the federal government or any\nagency or instrumentality thereof or from the state or from any other\nsource and to comply, subject to the provisions of this article, with\nthe terms and conditions thereof;\n 20. At the request or with the approval of the board of education, to\ngrant, sell, license, lease or otherwise transfer without public auction\nor bidding any real property or any rights or interests therein or\nthereto, including fee interests, easements, space rights or air rights,\nheld by it and occupied or reserved for school purposes and needed\ntherefor, to a private individual or private or public corporation\nsolely and exclusively for the purpose of developing and constructing\ntherein or thereon a combined occupancy structure, or a part or portion\nthereof, or for the purpose of rehabilitating or improving an existing\nschool to become part of a combined occupancy structure within the\nmeaning of this article subject to a prior and enforceable agreement\napproved by the board of education for the reconveyance, retransfer or\nleaseback of the school portion thereof, upon completion, for use and\noccupancy by the said board of education in those instances where a\ngrant, sale or lease has been made to such private individual or private\nor public corporation; provided, however, that no such sale, lease or\ntransfer of lands or rights therein or thereto is authorized where the\ndevelopment of a combined occupancy structure contemplates the erection\nof nonschool facilities or improvements over an existing playground\nunless such combined occupancy structure to be constructed over such\nplayground shall provide playground area at least equal in size to the\nthen existing playground area;\n 21. At the request or with the approval of the board of education, to\ncontract with the owner or other developer of a combined occupancy\nstructure for the purchase or lease of the school portion thereof upon\ncompletion for use and occupancy by the board of education of the city\nof New York;\n 22. To grant, sell, lease, sublease or otherwise convey the school\nportion of combined occupancy structures to the city of New York for use\nand occupancy by the board of education of the city of New York; and\n 23. To do any and all things necessary or convenient to carry out its\ncorporate purposes and exercise the powers given and granted to it in\nthis article.\n