§ 2434 — Powers of the agency

§ 2434. Powers of the agency. Except as otherwise limited by this\ntitle, the agency 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 make and execute contracts and all other instruments necessary\nor convenient for the exercise of its powers and functions under this\ntitle, including, without limitation, any special program agreement\nentered into pursuant to the provisions of section twenty-four hundred\nthirty-five-a of this title, any purchase and sale agreement entered\ninto pursuant to the provisions of section twenty-four hundred\nthirty-five-b of this title and any special school deficit program\nagreement entered into pursuant to section twenty-four hundred\nthirty-five-e of this title;\n (4) To make and alter by-laws for its organization and internal\nmanagement;\n (5) To acquire, hold and dispose of real and personal property for its\ncorporate purposes;\n (5-a) To establish, create or otherwise form and control one or more\ntrusts or other single purpose entities to facilitate the purchase of\ntax liens and the issuance of tax lien collateralized securities;\n (6) To appoint officers, agents and employees, prescribe their duties\nand qualifications and fix their compensation;\n (7) To acquire, and contract to acquire, bonds issued by\nmunicipalities and to enter into advance commitments to municipalities\nfor the purchase of said bonds, all subject to the provisions of section\ntwo thousand four hundred thirty-five of this title;\n (7-a) To acquire, and contract to acquire, tax liens and to enter into\nadvance commitments with a municipality for the purchase of such tax\nliens, all subject to the provisions of section twenty-four hundred\nthirty-five-b of this title;\n (7-b) To acquire and contract to acquire local ARRA bonds, and to\nenter into arrangements with a municipality for the purchase of its\nlocal ARRA bonds;\n (7-c) To acquire and contract to acquire, and to enter into\narrangements with a municipality for the purchase of its local public\nsafety communications bonds.\n (8) Subject to any agreement with bondholders or noteholders, to\ninvest moneys of the agency not required for immediate use or\ndisbursement, including proceeds from the sale of any bonds or notes, in\n(a) obligations of the state or the United States of America, (b)\nobligations the principal of and interest on which are guaranteed by the\nstate or by the United States of America or an agency or instrumentality\nof the United States of America, (c) obligations of agencies or\ninstrumentalities of the United States of America or (d) interest\nbearing time deposits of banks or trust companies secured by obligations\ndescribed in clauses (a), (b) or (c) of this subdivision or by\nobligations of agencies or instrumentalities of the state;\n (9) Subject to any agreement with bondholders or noteholders, to\npurchase bonds or notes of the agency, which shall thereupon be\ncancelled, at a price not exceeding (a) if the bonds or notes are then\nredeemable, the redemption price then applicable plus accrued interest\nto the next interest payment date thereon, or (b) if the bonds or notes\nare not then redeemable, the redemption price applicable on the first\ndate after such purchase upon which the notes or bonds become subject to\nredemption plus accrued interest to said date;\n (10) To borrow money and to issue negotiable bonds and notes and to\nprovide for and secure the payment thereof and to provide for the rights\nof the holders thereof;\n (11) To make and execute contracts for the servicing of municipal\nbonds acquired by the agency pursuant to this title, and for the\nservicing of special program agreements, special school purpose\nagreements and special school deficit program agreements, and to pay the\nreasonable value of services rendered to the agency pursuant to those\ncontracts;\n (11-a) To make and execute contracts for professional services\nincluding, but not limited to, attorneys, financial advisors, due\ndiligence providers and other professional services related to the\nservicing of tax liens acquired by the agency or its tax lien entity\npursuant to this title, and for the servicing of tax lien purchase and\nsale agreements, and to pay the reasonable value of services rendered to\nthe agency or its tax lien entity pursuant to those contracts;\n (12) To contract with the New York State housing finance agency to\nrender such services as the agency may deem appropriate, including but\nnot limited to the use of the premises, personnel and personal property\nof the New York State housing finance agency, and to pay the reasonable\ncosts thereof and provide for the reimbursement to the New York state\nhousing finance agency for any expenses necessarily incurred by the New\nYork state housing financing agency in carrying out the terms of such\ncontract. Any such contract shall be subject to the separate approval of\nthe director of the budget;\n (13) To contract for and to accept any gifts or grants or loans of\nfunds or property or financial or other aid in any form from the federal\ngovernment or any agency or instrumentality thereof, or from the state\nor any agency or instrumentality thereof, or from any other source and\nto comply, subject to the provisions of this title, with the terms and\nconditions thereof;\n (14) To acquire, hold, use and dispose of its income, revenues, funds\nand moneys;\n (15) To fix, revise, from time to time, charge and collect such fees\nand charges, including but not limited to reimbursement of all costs of\nfinancing by the agency and its tax lien entity, and service charges, as\nthe agency shall determine to be reasonable;\n (16) Subject to any agreement with bondholders or noteholders, consent\nto the modification with respect to rate or rates of interest, time of\npayment of any installment of principal or interest, security or any\nother term of any municipal bond of which it is the holder, or of any\ncontract or agreement of any kind to which it is a party;\n (16-a) Subject to any agreement with the holders or owners of tax lien\ncollateralized securities, consent to the modification with respect to\nthe time of payment, interest or penalties of a tax lien owned by the\nagency or its tax lien entity, or of any other contract or agreement to\nwhich it is a party;\n (17) To establish any terms and provisions with respect to any\npurchase of municipal bonds by the agency, including date and maturities\nof the bonds, provisions as to redemption or payment prior to maturity,\nand any other matters which are necessary, desirable or advisable in the\njudgment of the agency;\n (17-a) To establish any terms and provisions with respect to any\npurchase of tax liens by the agency or its tax lien entity, including\nthe sale date and, subject to terms of the tax liens purchased,\nprovisions as to redemption or payment prior to the stated redemption\ndate, and any other matters which are necessary, desirable or advisable\nin the judgment of the agency;\n (18) To establish any terms and provisions with respect to any special\nprogram agreement, special school purpose agreement or special school\ndeficit program agreement, including any terms for payment, and any\nother matters which are necessary, desirable or advisable in the\njudgment of the agency;\n (18-a) To establish any terms and provisions with respect to any tax\nlien purchase and sale agreement, including any terms for payment, and\nany other matters which are necessary, desirable or advisable in the\njudgment of the agency;\n (19) To certify to the comptroller the need for diversion of state aid\npayable to any municipality in default on its bonds or failing to make\nthe required appropriation for interest and principal on any bonds held\nby the agency pursuant to the provisions of section twenty-four hundred\nthirty-six of this title;\n (20) To certify to the comptroller the need for diversion of state aid\npayable to any special program municipality failing to make a scheduled\npayment to or for the account of the agency under a special program\nagreement entered into by the agency for the purpose described in\nparagraph (a) of subdivision one of section twenty-four hundred\nthirty-five-a of this title;\n (21) To pledge or assign, as security for any of its bonds or notes,\nany moneys, funds, municipal bonds, special program agreements, special\nschool purpose agreements, or special school deficit program agreements,\nassets or revenues of the agency, including, without limitation, any\nstate aid or school aid received or receivable pursuant to section\ntwenty-four hundred thirty-six of this title;\n * (21-a) To certify to the comptroller the need for diversion of\nschool aid payable to any special program municipality failing to make a\nscheduled payment to or for the account of the agency under a special\nprogram agreement entered into by the agency for the purpose described\nin paragraph (b) of subdivision one of section twenty-four hundred\nthirty-five-a of this title;\n * NB There are 2 sub (21-a)'s\n * (21-a) To pledge or assign as security for any tax lien\ncollateralized securities any tax liens, moneys, funds, tax lien\npurchase and sale agreements, assets or revenue of the agency or its tax\nlien entity;\n * NB There are 2 sub (21-a)'s\n (21-b) To certify to the comptroller, with a copy to the commissioner\nof education, the amounts required with respect to special school\npurpose bonds as described in section twenty-four hundred thirty-five-d\nof this title.\n (21-c) To certify to the comptroller, with a copy to the commissioner\nof education, the need for diversion of school aid payable to a special\nschool deficit program district to make a scheduled payment to or for\nthe account of the agency under a special school deficit program\nagreement entered into by the agency pursuant to section twenty-four\nhundred thirty-five-e of this title.\n (22) To do any and all things necessary or convenient to carry out its\npurposes and exercise powers given and granted in this title.\n