NY Pub Auth L § 3010 (2021)
2021 New York Laws PBA - Public Authorities Article 10 - New York State Municipal Assistance Corporation Act Title 2 - General Provisions Relating to Municipal Assistance Corporations 3010 - Creation; Purposes and General Powers of a Municipal Assistance Corporation.

§  3010. Creation; purposes and general powers of a municipal assistance   corporation. A municipal assistance corporation shall be  created  by  a   special  law  of the legislature. The purposes of a municipal assistance   corporation shall be to assist a  municipality  attempting  to  provide,   without  interruption,  services  essential  to  its  inhabitants  while   meeting its obligation to the holders  of  its  outstanding  securities.   Such assistance shall be provided through the issuance and sale of bonds   and  notes  and  paying  or lending funds received from such sale to the   municipality, or through the exchange of its obligations for obligations   of the municipality. To carry out the aforesaid  purposes,  a  municipal   assistance   corporation   shall   have,   in  addition  to  any  powers   specifically  granted  in  the  special  act  creating  such   municipal   assistance  corporation,  the  following powers: (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  dispose  of  such  real  or  personal  property  that, in the   judgment of the municipal assistance 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  lend  or  otherwise transfer to the   municipality for which the municipal assistance corporation was  created   such sums of money as are not required for other purposes; (9) to borrow   money and to issue notes or bonds 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  funds  or  accounts  (except  as hereafter   provided), or any funds not required for immediate use or  disbursement,   at   the   discretion   of  the  municipal  assistance  corporation,  in   obligations of the municipality being assisted  or  obligations  of  the   state  or  federal government, obligations the principal of and interest   on which are guaranteed by  such  municipality,  the  state  or  federal   government,  or  obligations of agencies of such municipality, the state   or 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 comptroller or   in a secured time deposit or other interest-bearing accounts secured  by   such  obligations;  provided,  however,  that no funds held in a capital   reserve fund may be invested in obligations  of  or  guaranteed  by  the   municipality  being  assisted or of any of its agencies; (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)  subject  to the approval of the director of the budget 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 or notes so issued   and any agreements made in connection therewith to pledge all or part of   its property or revenues; (16) to  require  any  municipality  to  which   assistance  is  provided  under this article or any authority, agency or   other body established by or on behalf  of  such  municipality  to  make   available  all books and records, and to furnish copies of all financial   statements, budgets, forecasts, projections and related  information  as   may  be  requested;  (17)  to  pay  the expenses of the operation of the   corporation, including but not limited to the repayment to the state  of   any   advance  to  the  corporation  under  any  agreement  between  the   corporation and the director of the budget out of any revenues available   to the corporation and not otherwise pledged except the proceeds of  its   notes  and  bonds;  and  (18)  in  connection  with any agreement by the   federal government or any agency or instrumentality thereof to guarantee   the payment of the principal of  or  the  interest  on  the  obligations   issued   by   the   municipality  for  which  the  municipal  assistance   corporation was created, to enter into one or more agreements  with  the   federal  government  or any agency or instrumentality thereof in respect   of such guarantee  containing  terms  and  conditions  required  by  the   secretary  of  the  treasury pursuant to the federal act authorizing the   issuance  of  such  guarantees  and  to  comply  with  such  terms   and   conditions,  including,  without  limitation,  a  requirement  that  the   corporation make deposits or cause monies to be deposited in a  fund  or   funds   established  in  connection  with  the  issuance  of  guaranteed   obligations or funds pursuant  to  the  terms  and  conditions  of  such   guarantee;  and (19) to do any and all things necessary or convenient to   carry out its purposes and  exercise  the  powers  expressly  given  and   granted  in  this  article or in the special act creating such municipal   assistance corporation.