§ 2799-DDDD — Powers of the corporation

New York § 2799-DDDD

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 35: Roosevelt Island Operating Corporation
• Art. 8: Miscellaneous Authorities

Text

§ 2799-dddd. Powers of the corporation. The corporation's powers shall\nbe limited to carrying out the development, management and operation of\nRoosevelt Island. In carrying out such development, management and\noperation, the corporation shall have the power to:\n 1. Sue and be sued;\n 2. Have a seal and alter the same at pleasure;\n 3. Make and alter by-laws for its organization and internal management\nand make rules and regulations governing the use of its property and\nfacilities;\n 4. Make and execute contracts and all other instruments necessary or\nconvenient for the exercise of its powers and functions under this act;\n 5. Acquire in the name of the corporation by purchase, grant or gift,\nor by the exercise of the power of eminent domain pursuant to the\neminent domain procedure law, or otherwise, real or personal property,\nor any interest therein deemed necessary or desirable for the\ndevelopment, management or operation of Roosevelt Island, including,\nwithout limitation, leasehold interest, air and subsurface rights,\neasements and lands under water at the site of Roosevelt Island or in\nthe general vicinity thereof, and to subject such property or interest\ntherein to a purchase money or other lien or security interest in\nconnection with the acquisition and development thereof, provided that\nthe corporation shall have no authority or power to issue any notes,\nbonds or other debt obligations, whether for the purpose of financing\nthe development of Roosevelt Island or otherwise;\n 6. Hold and dispose of real or personal property for its corporate\npurposes;\n 7. Appoint officers, agents and employees, prescribe their duties and\nfix their compensation in accordance with a staffing and compensation\nplan submitted to and approved by the director of the budget;\n 8. Engage the services of private consultants on a contract basis for\nrendering professional and technical assistance advice;\n 9. Procure insurance against any loss in connection with its\nactivities, properties and other assets, in such amount and from such\ninsurers as it deems desirable;\n 10. Charge and collect fees, rents and other charges for the occupancy\nor other use of real or personal property or facilities owned, operated,\nmanaged or regulated by the corporation;\n 11. Accept any gifts or grants of money or property, or financial or\nother aid in any form, from the federal government, the state, or the\ncity (or any instrumentality of any such government) or from any other\nsource and, subject to the provisions of this title and other applicable\nlaw, to comply with any conditions of such assistance and execute any\ncontracts or other instruments in connection therewith;\n 12. Invest any funds of the corporation, or any other monies under its\ncustody and control not required for immediate use or disbursement, at\nthe discretion of the corporation, in obligations of the state or the\nUnited States government or obligations the principal and interest of\nwhich are guaranteed by the state or the United States government, or in\nany other obligations in which the comptroller of the state is\nauthorized to invest pursuant to section ninety-eight of the state\nfinance law;\n 13. Enter into such agreements with the state, the urban development\ncorporation and the city as the parties thereto deem appropriate to\neffectuate the provisions of this title;\n 14. Assume and perform the obligations and responsibilities of the\nurban development corporation under the lease, the tramway franchise,\nand all other contracts, leases, and agreements heretofore entered into\nby the urban development corporation relating to the development,\nmanagement and operation of Roosevelt Island (except that the\ncorporation shall not assume any of the rights, duties and\nresponsibilities of the urban development corporation in relation to any\nbonds or notes issued, or mortgages or security agreements held, by the\nurban development corporation or any of its subsidiaries) and exercise\nall of the rights of the urban development corporation with respect\nthereto; and\n 15. Do and perform all other acts necessary or convenient to carry out\nthe foregoing in connection with the development, management or\noperation of Roosevelt Island.\n