N.Y. Public Authorities Law 2799-EE – General powers of the authority
§ 2799-ee. General powers of the authority. Except as otherwise limited by this title, the authority shall have the following powers in addition to those specially conferred elsewhere in this title, subject only to agreements with bondholders:
Terms Used In N.Y. Public Authorities Law 2799-EE
- Bonds: means bonds, notes and other evidences of indebtedness, issued by the authority. See N.Y. Public Authorities Law 2799-BB
- City: means the city of New York. See N.Y. Public Authorities Law 2799-BB
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Revenues: means the tax revenues and all aid, rents, fees, charges, payments and other income and receipts paid or payable to the authority or a trustee for the account of the authority. See N.Y. Public Authorities Law 2799-BB
- State: means the state of New York. See N.Y. Public Authorities Law 2799-BB
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 its organization and management and, subject to agreements with its bondholders, to make and alter rules and regulations governing the exercise of its powers and fulfillment of its purposes under this title;
4. to make and execute contracts and all other instruments or agreements necessary or convenient to carry out any powers and functions expressly given in this title;
5. to commence any action to protect or enforce any right conferred upon it by any law, contract or other agreement;
6. to borrow money and issue bonds, or to refund the same, and to provide for the rights of the holders of its obligations;
7. to accept gifts, grants, loans or contributions of funds or financial or other aid in any form from the city, state or federal government or any agency or instrumentality thereof, or from any other source and for any of its corporate purposes in accordance with the provisions of this title;
8. to invest any funds held in reserves or sinking funds, or any funds not required for immediate use or disbursement, at the discretion of the authority, in obligations which may, from time to time, be legally purchased by the city pursuant to § 11 of the general municipal law;
9. to pledge all or any part of its revenues as security for the payment of the principal of and interest on any bonds so issued and any agreements made in connection therewith;
10. to appoint such officers and employees as it may require for the performance of its duties and to fix and determine their qualifications, duties, and compensation, subject to the provisions of the civil service law, the rules of the civil service commission of the city, the New York city collective bargaining law and applicable collective bargaining agreements, and to retain or employ counsel, auditors and private financial consultants on a contract basis or otherwise for rendering professional or technical services and advice;
11. to do any and all things necessary or convenient to carry out its purposes and exercise the powers expressly given and granted in this title provided, however, such authority shall under no circumstances acquire, hold or transfer title to, lease, own beneficially or otherwise, manage, operate or otherwise exercise control over any real property, any improvement to real property or any interest therein other than a lease of office space deemed necessary or desirable by the authority.