§ 478 — General powers and duties of fund

New York § 478

• Jurisdiction: New York
• Law EDN: Education
• Title 1: General Provisions Article 1 Short Title and Definitions (§§
• Art. 10-B: City of Yonkers Educational Construction Fund

Text

§ 478. 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 commissioner of finance of the city of\nYonkers to prescribe 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 Yonkers, 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. Subject to the approval of the corporation counsel as to form, to\nmake and execute contracts, leases, subleases, and all other instruments\nor agreements necessary or convenient for the exercise of its corporate\npowers and the fulfillment of its corporate purposes under this article;\nthe term 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 Yonkers or to the board of education of the\ncity of Yonkers;\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 public works department of the city of\nYonkers in making land surveys, topographical surveys and valuation\nappraisals of real property sought to be acquired by the board of\neducation of the city of Yonkers;\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 funds held in reserves or sinking funds, or any\nfunds not required for immediate use or disbursement, at the discretion\nof the fund, in obligations of the city, the state or the United States\ngovernment or obligations the principal and interest of which are\nguaranteed by the city, the state or the United States government;\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, lease or otherwise transfer without public auction or\nbidding any real property or any rights or interests therein or thereto,\nincluding fee interests, easements, space rights or air rights, held by\nit and occupied or reserved for school purposes and needed therefor, to\na private individual or private or public corporation solely and\nexclusively for the purpose of developing and constructing therein or\nthereon a combined occupancy structure, or a part or portion thereof,\nwithin the meaning of this article subject to a prior and enforceable\nagreement approved by the board of education for the reconveyance,\nretransfer or lease back of the school portion thereof, upon completion,\nfor use and occupancy by the said board of education; provided, however,\nthat no such sale, lease or transfer of lands or rights therein or\nthereto is authorized where the development of a combined occupancy\nstructure contemplates the erection of nonschool facilities or\nimprovements over an existing school or playground unless such combined\noccupancy structure to be constructed over such playground shall provide\nplayground area at least equal in size to the then existing playground\narea;\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 Yonkers;\n 22. To grant, sell, lease, sublease or otherwise convey the school\nportion of combined occupancy structures to the city of Yonkers for use\nand occupancy by the board of education of the city of Yonkers; 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