§ 1284 — General powers of the corporation

§ 1284. General powers of the corporation. Except as otherwise limited\nby this title, the corporation 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 and issue negotiable or non-negotiable notes, bonds\nor other obligations and to provide for the rights of the holders\nthereof;\n 4. To invest any funds held in reserve or sinking funds, or any monies\nnot required for immediate use or disbursement, at the discretion of the\ncorporation (i) in obligations of the state or the United States of\nAmerica; (ii) in obligations the principal and interest of which are\nguaranteed by the state or the United States of America; (iii) in\nobligations issued by the United States of America, an agency thereof or\na United States government sponsored corporation or obligations fully\ninsured or guaranteed as to the payment of principal and interest by the\nUnited States of America, an agency thereof or a United States\ngovernment sponsored corporation; or in deposits with such banks or\ntrust companies as may be designated by the corporation. Each such bank\nor trust company deposit shall be continuously and fully secured by\ndirect obligations of the state or the United States of America, or by\nobligations the principal and interest of which are guaranteed by the\nstate or the United States of America, and additionally, any funds\nmanaged by the corporation for any municipality may be continuously and\nfully secured by obligations of any municipality, school district or\ndistrict corporation of the state of New York of a market value equal at\nall times to the amount of the deposit, and all banks and trust\ncompanies are hereby authorized to give such security;\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. To enter into contracts and leases and to execute all instruments\nnecessary or convenient or desirable for the purposes of the corporation\nor to carry out any powers expressly given it in this title;\n 7. To acquire, purchase, hold, lease as lessee, dispose of and use any\nreal or personal property or any interest therein necessary, convenient\nor desirable to carry out the purpose of this title and to sell, lease\nas lessor, transfer and dispose of any property or interest therein at\nany time required by it in the exercise of its power including but not\nlimited to the sale, transfer or disposal of any materials, substances\nor sources or forms of energy derived from any corporate activity.\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 counsel,\nauditors, engineers and private consultants on a contract basis or\notherwise for rendering professional or technical services and advice;\n 9. To make plans, surveys, and studies necessary, convenient or\ndesirable to the effectuation of the purposes and powers of the\ncorporation and to prepare recommendations in regard thereto, provided\nthat such plans, surveys, studies and recommendations shall be in\nconformity with any comprehensive studies and reports on the collection,\ntreatment and disposal of sewage conducted and approved pursuant to the\nprovisions of section twelve hundred sixty-three-a of the public health\nlaw, on the collection, treatment and disposal of refuse conducted and\napproved pursuant to the provisions of title IX of the public health\nlaw, and on public water supply systems conducted and approved pursuant\nto the provisions of part V-A of article V of the conservation law and\non the control and abatement of air pollution conducted and approved\npursuant to the provisions of title II, article twelve-A of the public\nhealth law;\n 10. To enter upon such lands, waters, or premises as in the judgment\nof the corporation may be necessary, convenient or desirable for the\npurpose of making surveys, soundings, borings and examinations to\naccomplish any purpose authorized by this title, the corporation being\nliable for actual damage done;\n 11. To conduct investigations and hearings in the furtherance of its\ngeneral purposes, and in aid thereof to have access to any books,\nrecords or papers relevant thereto; and if any person whose testimony\nshall be required for the proper performance of the duties of the\ncorporation shall fail or refuse to aid or assist the corporation in the\nconduct of any investigation or hearing, or to produce any relevant\nbooks, records or other papers, the corporation is authorized to apply\nfor process of subpoena, to issue out of any court of general original\njurisdiction whose process can reach such person, upon due cause shown;\n 12. To acquire municipal bonds and notes and bonds and notes of\ncertain state agencies, and to make loan commitments and loans to\nmunicipalities and certain state agencies, and to enter into option\narrangements with municipalities for the purchase of municipal bonds and\nnotes;\n 13. To sell any municipal bonds or notes, other securities, or other\npersonal property acquired by the corporation whenever it is determined\nby the corporation that the sale of such property is desirable;\nmunicipal bonds and notes acquired by the corporation shall be sold by\nthe corporation only at public sale at such price or prices as it shall\ndetermine, and a notice of such sale shall be published at least once at\nleast five days prior to the date of such sale in a financial newspaper\nor journal published in the City of New York; the proceeds of the sale\nby the corporation of any municipal bonds or notes shall be required to\nbe held for the benefit of the bonds and notes and interest thereon\nentitled to be paid therefrom, or shall be used to purchase, or applied\ntowards the redemption of bonds or notes, at not more than the\nredemption price then applicable, plus accrued interest to the next\npayment date thereon, or, if not then redeemable, at a premium of not\nmore than the redemption price applicable on the first date after such\npurchase upon which the bonds or notes become subject to redemption,\nplus accrued interest to said date, all subject to such agreements with\nbondholders or noteholders as may then exist;\n 14. To accept any gifts or grants or loans of funds or property from\nthe federal government or from the state or from any other federal or\nstate public body or political subdivision or any other person and to\ncomply, subject to the provisions of this title, with the terms and\nconditions thereof;\n 15. To appoint such advisory committees as may be necessary,\nconvenient or desirable to the effectuation of the purposes and powers\nof the corporation; and\n 16. 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