§ 3954. General powers of the authority. Except as otherwise limited\nby this title, the authority shall have the following powers in addition\nto those specially conferred elsewhere in this title, subject only to\nagreements 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 rig
Free access — add to your briefcase to read the full text and ask questions with AI
§ 3954. General powers of the authority. Except as otherwise limited\nby this title, the authority shall have the following powers in addition\nto those specially conferred elsewhere in this title, subject only to\nagreements 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, notes or other obligations, or to\nrefund the same, and to provide for the rights of the holders of its\nbonds, notes or other obligations;\n 7. as security for the payment of the principal of and interest on any\nbonds, notes or other obligations issued by it pursuant to this title\nand any agreements made in connection therewith and for its obligations\nunder bond facilities, to pledge all or any part of its revenues or\nassets;\n 8. to procure insurance, letters of credit or other credit enhancement\nwith respect to its bonds, notes or other obligations, or facilities for\nthe payment of tenders of such bonds, notes or other obligations or\nfacilities for the payment upon maturity of short-term notes not\nrenewed;\n 9. to enter into interest rate exchange or similar arrangements with\nany person under such terms and conditions as the authority may\ndetermine, not inconsistent with the general laws of this state and\nother provisions of this title, including, without limitation,\nprovisions as to default or early termination and indemnification by the\nauthority or any other party thereto for loss of benefits as a result\nthereof; provided, however, that such exchanges or similar arrangements\nshall be limited to twenty-five percent of the amount authorized in\nsubdivision one of section thirty-nine hundred sixty-two of this title\nto pay the financeable costs described in paragraph (a), (b), (d) or (e)\nof subdivision thirteen of section thirty-nine hundred fifty-one of this\ntitle;\n 10. to procure insurance, letters of credit or other credit\nenhancement with respect to arrangements described in subdivision nine\nof this section;\n 11. to accept gifts, grants, loans or contributions of funds or\nfinancial or other aid in any form from the county, state or federal\ngovernment or any agency or instrumentality thereof, or from any other\nsource and to expend the proceeds for any of its corporate purposes in\naccordance with the provisions of this title;\n 12. subject to the provisions of any contract with bondholders in\nrespect of escrow accounts to secure bonds that have been refunded or\ndebt service funds in which revenues are deposited to secure bonds,\nnotes or other indebtedness issued under this act, to invest any funds\nheld in reserves or sinking funds, or any funds not required for\nimmediate use or disbursement, at the discretion of the authority, in\n(a) obligations of the state or the United States government, (b)\nobligations the principal and interest of which are guaranteed by the\nstate or the United States government, (c) certificates of deposit,\nwhether negotiable or non-negotiable, and banker's acceptances of any of\nthe fifty largest banks in the United States which bank, at the time of\ninvestment, has an outstanding unsecured, uninsured and unguaranteed\ndebt issue ranked by two nationally recognized independent rating\nagencies at a rating category that is no lower than the then current\nrating of the authority's bonds, notes or other obligations, (d)\ncommercial paper of any bank or corporation created under the laws of\neither the United States or any state of the United States which\ncommercial paper, at the time of the investment, has received the\nhighest rating of two nationally recognized independent rating agencies,\n(e) bonds, debentures, or other evidences of indebtedness, issued or\nguaranteed at the time of the investment by the federal national\nmortgage association, federal home loan mortgage corporation, student\nloan marketing association, federal farm credit system, or any other\nUnited States government sponsored agency, provided that at the time of\nthe investment such agency receives, or its obligations receive, any of\nthe three highest rating categories of two nationally recognized\nindependent rating agencies, (f) any bonds or other obligations of any\nstate or the United States of America or of any political subdivision\nthereof or any agency, instrumentality or local governmental unit of any\nsuch state or political subdivision which bonds or other obligations, at\nthe time of the investment have received any of the three highest\nratings of two nationally recognized independent rating agencies, (g)\nany repurchase agreement with any bank or trust company organized under\nthe laws of any state of the United States of America or any national\nbanking association or government bond dealer reporting to, trading\nwith, and recognized as a primary dealer by the Federal Reserve Bank of\nNew York, which agreement is secured by any one or more of the\nsecurities described in paragraph (a), (b) or (e) of this subdivision,\nwhich securities shall at all times have a market value of not less than\nthe full amount of the repurchase agreement and be delivered to another\nbank or trust company organized under the laws of the state or any\nnational banking association domiciled in the state, as custodian, and\n(h) reverse repurchase agreements with any bank or trust company\norganized under the laws of any state of the United States of America or\nany national banking association or government bond dealer reporting to,\ntrading with, and recognized as a primary dealer by the Federal Reserve\nBank of New York, which agreement is secured by any one or more of the\nsecurities described in paragraph (a), (b) or (e) of this subdivision\nwhich securities shall at all times have a market value of not less than\nthe full amount of the repurchase agreement and be delivered to another\nbank or trust company organized under the laws of the state or any\nnational banking association domiciled in the state, as custodian.\n 13. 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, and to retain or employ counsel, auditors and\nprivate financial consultants and other services on a contract basis or\notherwise for rendering professional, business or technical services and\nadvice; and, in taking such actions, the authority shall consider the\nfinancial impact on the county.\n 14. 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 or sublease of office space deemed necessary or desirable\nby the authority.\n