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This entry was published on 2014-09-22
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General powers of the corporation
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 8, TITLE 26
§ 2535. General powers of the corporation. The corporation shall have
the following powers in addition to those specially conferred elsewhere
in this title: (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
internal management and, subject to agreements with noteholders or
bondholders, to make rules and regulations governing the use of its
property and facilities; (4) to make and execute contracts, leases,
subleases and all other instruments or agreements necessary or
convenient for the exercise of its powers and functions under this
title; (5) to purchase real or personal property necessary and
convenient for its corporate purposes; to execute and deliver deeds for
real property held in its own name; and to sell or otherwise to dispose
of such real or personal property that, in the judgment of the
corporation, is no longer necessary for its corporate purposes; (6) to
appoint officers, agents and employees, prescribe their duties and
qualifications and fix their compensation; (7) to commence any action to
protect or enforce any right conferred upon it by any law, contract or
other agreement; (8) subject to other provisions of law, to transfer to
the city such sums of money as are not required for other purposes; (9)
to borrow money and to issue negotiable notes or bonds or other
obligations and to fund or refund the same, and to provide for the
rights of the holders of its obligations; (10) subject to the provisions
of any contract with noteholders or bondholders, 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 corporation, in
obligations of the city, state or federal government, obligations the
principal of and interest on which are guaranteed by the city, state or
federal government, or obligations of agencies of the federal government
which may, from time to time, be legally purchased by savings banks of
the state as investments of funds belonging to them or in their control
and which have been approved by the state comptroller or in secured time
deposits or other interest bearing accounts secured by such obligations;
(11) subject to the provisions of any contract with noteholders or
bondholders, to purchase notes or bonds of the corporation; (12) to
procure insurance against any loss in such amounts and from such
insurers as it deems desirable; (13) to engage the services of
consultants on a contract basis for rendering professional and technical
assistance and advice; (14) to contract for and to accept any gifts or
grants or loans of funds or property or financial or other aid in any
form from the federal government or any agency or instrumentality
thereof, or from any other source and to comply with the terms and
conditions thereof; (15) as security for the payment of the principal of
and interest on any bonds so issued and any agreements made in
connection therewith, to pledge all or any part of its revenues; (16) 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.