* § 1599-d. Purpose and powers of the authority. The purpose of the authority shall be to provide, construct, operate and maintain, or any combination thereof, one or more projects in the city. To carry out said purpose, the authority shall have the power:

Terms Used In N.Y. Public Authorities Law 1599-D*4

  • Bequest: Property gifted by will.
  • Contract: A legal written agreement that becomes binding when signed.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Personal property: All property that is not real property.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

1. To sue and be sued;

2. To have a seal and alter the same at pleasure;

3. To acquire, hold and dispose of personal property for its corporate purposes, including the power to purchase prospective or tentative awards in connection with the acquisition of real property by the exercise of the power of eminant domain;

4. To acquire in the name of the authority by purchase, eminant domain or gift, and use necessary real property. All real property acquired by the authority by eminant domain shall be acquired in the manner provided in the eminent domain procedure law or in the manner provided by law for the acquisition of land through eminant domain by the city;

5. To determine its fiscal year, and to make by-laws for the management and regulation of its affairs, and, subject to agreements with bondholders, for the regulation of the project;

6. With the consent of the city to use agents, employees and facilities of the city, paying to the city its agreed proportion of the compensation or costs;

7. To appoint officers, agents employees and such clerical, engineering and other professional assistants and consultants as it may deem necessary for the purposes of this title to prescribe their qualifications and to fix their compensation; subject, however, to the provisions of the civil service law, as hereinafter provided;

8. To appoint an attorney, and to fix his compensation;

9. To borrow money, make contracts and leases, and to execute all instruments necessary or convenient;

10. To acquire, construct, reconstruct, improve, equip and furnish any project as may be necessary and convenient;

11. To maintain and operate the projects;

12. To apply for and to accept gifts or grants or contributions or loans of funds or property or financial or other aid in any form from the United States, the state of New York, or any agency or instrumentality thereof, or the city, or an individual, by bequest or otherwise, or from any other source, and to expend the proceeds for any purposes specified in this title, and to comply, subject to the provisions of this title, with the terms and conditions thereof;

13. To fix and collect rentals, fees and other charges for the use of the projects or any of them and to pledge the same, all subject to and in accordance with such agreements with bondholders as may be made as hereinafter provided;

14. To construct, operate or maintain in the projects all facilities necessary or convenient in connection therewith; and to contract for the construction, operation or maintenance of any parts thereof or for services to be performed; to rent parts thereof, and grant concessions, all on such terms and conditions as it may determine;

15. To do whatever may be necessary to give effect to the purposes of this title, and in general to have and exercise all other powers necessary or incidental to the purposes of this title.

* NB Authority ceased to exist 08/05/2002

* NB There are 4 § 1599-d's

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