§ 1804 — General powers and duties of the authority

New York § 1804

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 8: New York Job Development Authority
• Subtitle 1: General Provisions
• Art. 8: Miscellaneous Authorities

Text

§ 1804. General powers and duties of the authority. Subject to the\nother provisions of this title and the provisions of any contract with\nbondholders or noteholders, the authority shall have the following\npowers in addition to the powers specifically conferred upon the\nauthority elsewhere in this title:\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. To make rules and regulations governing the exercise of its\ncorporate powers and the fulfillment of its corporate purposes under\nthis title, which rules and regulations shall be filed with the\ndepartment of state in the manner provided by section one hundred two of\nthe executive law and to maintain its system of internal controls in\nconformity with the relevant standards specified by authoritative\nnational standard setting bodies;\n 5. To make loans and loan guaranties secured by loan agreements,\nmortgages, contracts and all other instruments necessary or convenient\nfor the exercise of its corporate powers and the fulfillment of its\ncorporate purposes under this title; and to require the inclusion in any\nlease or other agreement in respect of a project (a) such provisions as\nto the use of the project as the authority may deem necessary or\ndesirable for the fulfillment of its corporate purposes and (b) such\nprovisions as to the reporting to it by the parties to such lease or\nother agreement of such information as it deems necessary to monitor (i)\ncompliance by such parties with the provisions of this title and with\nthe provisions of any rules and regulations adopted pursuant to this\ntitle and (ii) the progress of the project occupant or of the business\nenterprise described in section eighteen hundred twenty-seven of this\ntitle in achieving the representations made in the application submitted\npursuant to section eighteen hundred twenty-four of this title;\n 6. In connection with loans, loan guarantees, or any applications or\ncommitments therefor, to make and collect such fees and charges as the\nauthority shall determine to be reasonable;\n 7. To purchase, receive, lease or otherwise acquire, and hold in the\nname of the state or otherwise, or contract to acquire from any person,\nfirm, corporation, municipality, federal or state agency, by grant,\npurchase, or otherwise, and to sell, convey, mortgage, lease, pledge or\notherwise dispose of, upon such terms and conditions as the authority\nmay deem advisable, real and personal property, together with such\nrights and privileges as may be incidental and appurtenant thereto and\nto the use thereof, including but not restricted to any real or personal\nproperty acquired by the authority from time to time upon foreclosure of\nany mortgage or in the satisfaction of debts or in the enforcement of\nobligations; provided, however, that the terms and conditions of any\nsale or other disposition by the authority of property conveyed to it\npursuant to section eighteen hundred thirty-a of this title including\nthe consideration involved, shall be subject to the approval of the\ndirector of the budget, prior to such sale or other disposition;\n 8. To sell at public or private sale, or pledge or assign, any loan\nmade by the authority and any mortgage or other obligation securing a\nloan made by the authority;\n 9. To foreclose on any real or personal property in respect of which\nit has made a loan or issued a loan guarantee or commence or join in any\naction or proceeding to protect or enforce any right conferred upon it\nby law or by contract and to bid for and purchase such property at any\nforeclosure or at any other sale or acquire or take possession of any\nsuch property; and in such event the authority may operate, maintain,\nadminister, pay the principal of and interest on any obligation incurred\nin connection with such property, and otherwise deal with, such\nproperty, in such manner as may be necessary or desirable to protect the\ninterest of the authority therein; and further with regard to loans and\nloan guarantees made by the authority, it shall have the right to\nrequire at the time of the making of the loan or issuance of the loan\nguarantee, or at any time thereafter, in a form acceptable to it, a deed\nto all rights and interest in the real or personal property as a\nsecurity interest, such deed to be termed a "deed in lieu of\nforeclosure", and shall be empowered hereby to record such deed upon a\ndefault in the payment or terms of any loan made by or guaranteed by the\nauthority, and to thereby transfer to the authority by such recording\nboth title and all rights of ownership in such property in accordance\nwith section eighteen hundred four-a of this article;\n 10. To enter into agreements to pay annual sums in lieu of taxes to\nany municipality or taxing district of the state in respect of any real\nproperty which is owned by the authority and located in such\nmunicipality or taxing district, provided, however, that the amount so\npaid for any year upon any such property shall not exceed the sum last\npaid as taxes on such property to such municipality or taxing district\nprior to the time of its acquisition by the authority;\n 11. To procure insurance against any loss in connection with loans or\nwith real and personal property or other assets of the authority of any\nnature whatsoever in such amounts, and from such insurers, as it deems\ndesirable;\n 12. To consent to the modification of the time of payment of any\ninstallment of principal or interest, the rate of interest (within the\nlimits prescribed by sections eighteen hundred sixteen and eighteen\nhundred twenty-one), the security, or any other terms of any loan, loan\nguarantee, loan commitment, contract or agreement of any kind to which\nthe authority is a party whenever it deems it necessary or desirable in\nthe fulfillment of the purposes of this title;\n 13. To encourage the organization of local development corporations\nand to cooperate with such corporations in the formation of plans for\nimproving employment opportunities within their areas of operation;\n 13-a. To develop and annually update a five year strategic plan\nsetting forth the goals and objectives of the authority for each of the\nnext five years and annual operational targets that are designed to\nensure the efficient and effective use of the authority's resources in\nmeeting such goals and objectives. Such strategic plan shall also\ninclude, but not be limited to, information as to the areas of the\nstate, if any, and the categories of project occupants or business\nenterprises as described in section eighteen hundred twenty-seven of\nthis title, if any, where, and in regard to which, it will seek to\nincrease its lending activity, and information as to the steps which it\nplans on taking to so direct its lending activity. In developing and\nupdating such strategic plan the authority shall utilize any area\nemployment opportunity improvement plans formulated in accordance with\nsubdivision thirteen of this section and such other information which it\ndeems appropriate. Such categories shall include but not be limited to\nminority and women-owned businesses; firms located in economically\ndistressed rural and urban communities; firms employing displaced\nworkers or economically disadvantaged individuals, or participants in\njob training programs for economically disadvantaged individuals or\ndisplaced workers; or firms, including, but not limited to, cooperative\ncorporations, involved in acquiring existing businesses that the current\nowners have proposed closing or have closed;\n 13-b. To adopt and, as necessary, revise criteria and methods to be\nused by the authority and by local development corporations in\nevaluating loan applications in accordance with the provisions of\nsection eighteen hundred twenty-six of this title and with such other\nstandards and procedures which it deems necessary and appropriate.\n 13-c. To adopt and, as necessary, revise criteria to be used in\ndetermining the portion of the cost of individual projects which should\nbe financed by the authority. Such criteria shall encourage different\nlevels or degrees of financial assistance by the authority. Copies of\nsuch criteria and methods shall be provided to all local development\ncorporations;\n 13-d. To require that any new employment opportunities created in\nconnection with industrial or commercial projects financed through loans\nor loan guarantees from the authority shall be listed with the New York\nstate department of labor job service division and with the\nadministrative entity of the service delivery area created pursuant to\nthe federal job training partnership act (P.L. 97-300) in which the\nproject is located and shall first consider for such employment\nopportunities persons eligible to participate in federal job training\npartnership act programs who shall be referred to such firms by such\nadministrative entities or by the job service division of the department\nof labor; provided, however, that nothing contained herein shall be\nconstrued to require project occupants or business entities as defined\nin section eighteen hundred twenty-seven of this title, to violate any\nexisting collective bargaining agreement with respect to the hiring of\nnew employees. Such listing shall be in a manner and form prescribed by\nthe authority in consultation with the commissioner of labor and the\ncommissioner of economic development.\n 13-e. To implement, on behalf of any local development corporation so\nrequesting, the responsibilities assigned to such corporation by\nsubdivision four of section eighteen hundred twenty-five of this title.\n 14. To cooperate and act in conjunction with any organization, public\nor private, or federal or state agency the objects of which within any\narea of the state are similar to the purposes of the authority;\n 15. To accept gifts, grants or loans from, and enter into contracts or\nother transactions with, any federal or state agency, any municipality,\nany private organization or any other source;\n 16. To engage the services of bond counsel, accountants or other\nprivate consultants on a contract basis for rendering professional and\ntechnical assistance and advice;\n 17. To procure insurance to secure the payment of principal and\ninterest on any bonds, notes or other obligations of the authority;\n 18. To do any and all things necessary or convenient to (a) carry out\nits corporate purposes, (b) exercise the powers given and granted in\nthis title, and (c) further the goals and objectives and achieve the\noperational targets set forth in the strategic plan adopted pursuant to\nsubdivision thirteen of this section.\n