§ 1974 — Powers of the authority

§ 1974. Powers of the authority. 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 acquire, lease, hold, mortgage and dispose of real property and\npersonal property or any interest therein for its corporate purposes;\n 4. To acquire, construct, improve, enlarge, operate and maintain a\nproject within the project area as defined herein and all other\nstructures, appurtenances and facilities necessary or convenient in\nconnection therewith, provided, however, that all contracts for\nconstruction let by the authority shall be let in conformity with the\nprovisions of section one hundred thirty-five of the state finance law,\nexcept that contracts for construction let by subsidiaries of the\nauthority shall be governed instead by the applicable provisions of the\nprivate housing finance law;\n 5. To appoint officers, agents and employees, prescribe their\nqualifications and duties and fix their compensation;\n 6. To make by-laws for the management and regulation of its affairs,\nand, subject to agreements with bondholders, for the regulation of the\nprojects;\n 7. With the consent of the city to use agents, employees and\nfacilities of the city, paying to the city its agreed proportion of the\ncompensation or cost;\n 8. To make contracts and to execute all necessary or convenient\ninstruments, including leases and subleases, evidences of indebtedness,\nnegotiable or non-negotiable;\n 9. To engage the services of consultants on a contract basis for\nrendering professional and technical assistance and advice;\n 10. To accept grants, loans or contributions from the United States,\nor the state or the city, or any agency or instrumentality of any of\nthem, or from any other source and to expend the proceeds for any\ncorporate purpose;\n 11. To fix, establish and collect rates, rentals, fees and other\ncharges for the use of the project, subject to and in accordance with\nsuch agreements with bondholders and noteholders as may be made as\nhereinafter provided;\n 12. To create subsidiaries pursuant to section nineteen hundred\nseventy-four-a of this title;\n 13. To lend or donate monies, whether secured or unsecured, to any\nsubsidiary, and to purchase, sell or pledge the shares, bonds or other\nobligations or securities thereof, on such terms and conditions as the\nauthority may deem advisable;\n 14. To make loans secured by a first mortgage, and to make temporary\nloans or advances, to any housing company organized to provide housing\nwithin the Battery Park city project area pursuant to and subject to the\nprovisions of article two, article four or article eleven of the private\nhousing finance law, including any subsidiary of the authority, and to\nundertake commitments therefor. Any such commitments or loans may\ncontain such terms and conditions not inconsistent with the provisions\nof this title as the authority may deem necessary or desirable to secure\nrepayment of its loan, the interest, if any, thereon and other charges\nin connection therewith;\n 15. Subject to the provisions of any contract with noteholders or\nbondholders, to sell, at public or private sale, any mortgage or other\nsecurity for a mortgage loan made by the authority;\n 16. In connection with the making of mortgage loans and commitments\ntherefor, to make, fix or establish and collect such fees and charges,\nincluding but not limited to reimbursement of all costs of financing by\nthe authority, service charges and insurance premiums, as the authority\nshall determine to be reasonable subject to the provisions of any\ncontract with noteholders or bondholders;\n 17. To procure or agree to the procurement of insurance or guarantees\nfrom the federal government of the payment of any bonds or notes,\nmortgages or any other evidences of indebtedness issued by the authority\nor its subsidiaries, including the power to pay premiums on any such\ninsurance;\n 18. Subject to the provisions of any contract with noteholders or\nbondholders, to consent to the modification, with respect to rate of\ninterest, time of payment of any installment of principal or interest,\nsecurity or any other term, of any mortgage, mortgage loan, mortgage\nloan commitment, contract or agreement of any kind to which the\nauthority is a party;\n 19. In connection with any property on which the authority has made a\nmortgage loan, to foreclose on any such property or commence any action\nto protect or enforce any right conferred upon the authority by any law,\nmortgage, contract or other agreement, and to bid for and purchase such\nproperty at any foreclosure or at any other sale, or acquire or take\npossession of any such property; and in such event the authority may\ncomplete, administer, pay the principal of and interest on any\nobligations incurred in connection with such property, and dispose of,\nand otherwise deal with, such property, in such manner as may be\nnecessary or desirable to protect the interests of the authority\ntherein;\n 20. To manage any project, whether or not then owned or leased by the\nauthority, and to enter into agreements with the state or any\nmunicipality or any agency or instrumentality thereof, or with any\nperson, firm, partnership or corporation, either public or private, for\nthe purpose of causing any project to be managed;\n 21. To procure insurance against any loss in connection with its\nproperty and other assets and operations in such amounts and from such\ninsurers as it deems desirable;\n 22. Notwithstanding the provisions of this title or of any other law,\ngeneral, special or local, whenever the authority shall find that the\nmaximum rentals charged tenants of the dwellings in any project financed\nby the authority in whole or in part shall not be sufficient, together\nwith all other income of the mortgagor, to meet within reasonable limits\nall necessary payments to be made by the mortgagor of all expenses\nincluding fixed charges, sinking funds, reserves and dividends, to\nrequest the mortgagor to make application to vary the rental rate for\nsuch dwellings so as to secure sufficient income, and upon failure of\nthe mortgagor to take such action within sixty days after receipt of\nwritten request from the authority to do so, to vary such rental rate by\naction of the authority.\n 23. To do all things necessary or convenient to carry out the powers\nexpressly given in this title.\n 24. To borrow money and issue negotiable bonds, notes or other\nobligations and to provide for the rights of the holders thereof;\n 25. To carry out its powers and responsibilities with respect to the\nchapter of the laws of nineteen hundred ninety which enacted this\nsubdivision.\n