§ 2799-EE — General powers of the authority

New York § 2799-EE

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 33: New York City Transitional Finance Authority
• Art. 8: Miscellaneous Authorities

Text

§ 2799-ee. General powers of the authority. Except as otherwise\nlimited by this title, the authority shall have the following powers in\naddition to those specially conferred elsewhere in this title, subject\nonly to agreements with bondholders:\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 management and,\nsubject to agreements with its bondholders, to make and alter rules and\nregulations governing the exercise of its powers and fulfillment of its\npurposes under this title;\n 4. to make and execute contracts and all other instruments or\nagreements necessary or convenient to carry out any powers and functions\nexpressly given in this title;\n 5. to commence any action to protect or enforce any right conferred\nupon it by any law, contract or other agreement;\n 6. to borrow money and issue bonds, or to refund the same, and to\nprovide for the rights of the holders of its obligations;\n 7. to accept gifts, grants, loans or contributions of funds or\nfinancial or other aid in any form from the city, state or federal\ngovernment or any agency or instrumentality thereof, or from any other\nsource and for any of its corporate purposes in accordance with the\nprovisions of this title;\n 8. to invest any funds held in reserves or sinking funds, or any funds\nnot required for immediate use or disbursement, at the discretion of the\nauthority, in obligations which may, from time to time, be legally\npurchased by the city pursuant to section eleven of the general\nmunicipal law;\n 9. to pledge all or any part of its revenues as security for the\npayment of the principal of and interest on any bonds so issued and any\nagreements made in connection therewith;\n 10. to appoint such officers and employees as it may require for the\nperformance of its duties and to fix and determine their qualifications,\nduties, and compensation, subject to the provisions of the civil service\nlaw, the rules of the civil service commission of the city, the New York\ncity collective bargaining law and applicable collective bargaining\nagreements, and to retain or employ counsel, auditors and private\nfinancial consultants on a contract basis or otherwise for rendering\nprofessional or technical services and advice;\n 11. to do any and all things necessary or convenient to carry out its\npurposes and exercise the powers expressly given and granted in this\ntitle provided, however, such authority shall under no circumstances\nacquire, hold or transfer title to, lease, own beneficially or\notherwise, manage, operate or otherwise exercise control over any real\nproperty, any improvement to real property or any interest therein other\nthan a lease of office space deemed necessary or desirable by the\nauthority.\n