N.Y. Public Authorities Law 2504 – General powers of the authority
* § 2504. General powers of the authority. In the exercise of the powers conferred and the performance of duties imposed upon the authority and subject to limitations contained elsewhere in this title, the authority shall have the following general powers:
Terms Used In N.Y. Public Authorities Law 2504
- Bequest: Property gifted by will.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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 make and alter by-laws for the management and regulations of its affairs and subject to agreements with bondholders for the regulation of any sports facility;
4. To make and execute contracts and all other instruments, including leases, subleases and evidences of indebtedness necessary or convenient to accomplish its corporate purposes;
5. To prescribe a system of accounts for the authority;
6. To purchase, receive, take by gift, grant, devise, bequest or otherwise, lease, accept jurisdiction over or otherwise acquire, own, hold, manage, operate, improve, employ, use and otherwise deal in and with, real or personal property, necessary or convenient for its corporate purposes;
7. To sell or otherwise dispose of personal property held in its corporate name;
8. Subject to the approval of the mayor, to execute and deliver deeds for real property held in its corporate name and to transfer, lease, sublease or otherwise dispose of or make available real property upon such terms as shall be agreed upon;
9. To accept grants, loans, contributions, subsidies or other forms of financial assistance from the United States, the state or the city, or any agency or instrumentality thereof, and from any other source, and to use same or expend the proceeds thereof for its corporate purposes;
10. With the consent of the city to use agents, employees and facilities of the city, including the corporation counsel, paying to the city its agreed proportion of the compensation or costs;
11. To appoint officers, agents and employees, to prescribe their qualifications and to fix their compensation; subject, however, to the provisions of the civil service law, as hereinafter provided;
12. To engage the services of construction, engineering, architectural, legal, financial or other consultants surveyors and appraisors, necessary or convenient for its corporate purposes, on a contract basis or as employees, for professional service and technical assistance and advice;
13. To construct, reconstruct, improve, maintain, or operate or cause to be constructed, reconstructed, improved, maintained or operated such buildings, structures, parking and other facilities as may be necessary or convenient;
14. To fix and collect rents, rates, fees and other charges for service rendered by the authority or for the use of its property;
15. To procure such insurance as the authority deems necessary;
16. With the consent of the mayor to form or cause to be formed, subsidiary corporations pursuant to any general law of the state necessary or convenient for its corporate purposes;
17. To undertake planning, design and feasibility studies in accordance with the terms and conditions of any agreement with the city; or, subject to the approval of the mayor in accordance with the terms and conditions of any agreement to which the city is not a party;
18. To enter into agreements with the city and the state and the United States, or any agency or instrumentality thereof, individual, firm or corporation for any lawful purpose necessary or convenient for its corporate purposes; and
19. To do all things necessary or convenient for its corporate purposes.
* NB (Discontinued-Board of Directors never appointed)