§ 2799-dddd. Powers of the corporation. The corporation's powers shall
be limited to carrying out the development, management and operation of
Roosevelt Island. In carrying out such development, management and
operation, the corporation shall have the power to:

1. Sue and be sued;

2. Have a seal and alter the same at pleasure;

3. Make and alter by-laws for its organization and internal management
and make rules and regulations governing the use of its property and
facilities;

4. Make and execute contracts and all other instruments necessary or
convenient for the exercise of its powers and functions under this act;

5. Acquire in the name of the corporation by purchase, grant or gift,
or by the exercise of the power of eminent domain pursuant to the
eminent domain procedure law, or otherwise, real or personal property,
or any interest therein deemed necessary or desirable for the
development, management or operation of Roosevelt Island, including,
without limitation, leasehold interest, air and subsurface rights,
easements and lands under water at the site of Roosevelt Island or in
the general vicinity thereof, and to subject such property or interest
therein to a purchase money or other lien or security interest in
connection with the acquisition and development thereof, provided that
the corporation shall have no authority or power to issue any notes,
bonds or other debt obligations, whether for the purpose of financing
the development of Roosevelt Island or otherwise;

6. Hold and dispose of real or personal property for its corporate
purposes;

7. Appoint officers, agents and employees, prescribe their duties and
fix their compensation in accordance with a staffing and compensation
plan submitted to and approved by the director of the budget;

8. Engage the services of private consultants on a contract basis for
rendering professional and technical assistance advice;

9. Procure insurance against any loss in connection with its
activities, properties and other assets, in such amount and from such
insurers as it deems desirable;

10. Charge and collect fees, rents and other charges for the occupancy
or other use of real or personal property or facilities owned, operated,
managed or regulated by the corporation;

11. Accept any gifts or grants of money or property, or financial or
other aid in any form, from the federal government, the state, or the
city (or any instrumentality of any such government) or from any other
source and, subject to the provisions of this title and other applicable
law, to comply with any conditions of such assistance and execute any
contracts or other instruments in connection therewith;

12. Invest any funds of the corporation, or any other monies under its
custody and control not required for immediate use or disbursement, at
the discretion of the corporation, in obligations of the state or the
United States government or obligations the principal and interest of
which are guaranteed by the state or the United States government, or in
any other obligations in which the comptroller of the state is
authorized to invest pursuant to section ninety-eight of the state
finance law;

13. Enter into such agreements with the state, the urban development
corporation and the city as the parties thereto deem appropriate to
effectuate the provisions of this title;

14. Assume and perform the obligations and responsibilities of the
urban development corporation under the lease, the tramway franchise,
and all other contracts, leases, and agreements heretofore entered into
by the urban development corporation relating to the development,
management and operation of Roosevelt Island (except that the
corporation shall not assume any of the rights, duties and
responsibilities of the urban development corporation in relation to any
bonds or notes issued, or mortgages or security agreements held, by the
urban development corporation or any of its subsidiaries) and exercise
all of the rights of the urban development corporation with respect
thereto; and

15. Do and perform all other acts necessary or convenient to carry out
the foregoing in connection with the development, management or
operation of Roosevelt Island.