NY Pub Auth L § 1265 (2021)
2021 New York Laws PBA - Public Authorities Article 5 - Public Utility Authorities Title 11 - Metropolitan Commuter Transportation Authority 1265 - General Powers of the Authority.

§  1265.  General powers of the authority. Except as otherwise limited by this title, the authority shall have power:   1. To sue and be sued;   2. To have a seal and alter the same at pleasure;   3. To  borrow  money,  to  issue  negotiable  notes,  bonds  or  other obligations and to provide for the rights of the holders thereof, and to finance or refinance all or any part of the costs to the authority or to any  other person or entity, public or private, of the planning, design, acquisition, construction, improvement, reconstruction or rehabilitation of any transportation facility;   3-a. * (a) To borrow money, to issue negotiable notes, bonds or  other obligations and to provide for the rights of the holders thereof, in the fiscal  years  of the authority beginning in two thousand twenty through two thousand twenty-two to offset decreases in  revenue,  including  but not limited to, lost taxes, fees, charges, fares and tolls, or increases in operating costs of the authority and its subsidiary corporations, the New  York city transit authority and its subsidiary corporations and the Triborough bridge and tunnel authority due in whole or in  part  to  the state  disaster  emergency  caused  by  the novel coronavirus, COVID-19; provided, that such notes, bonds or other obligations shall be issued in accordance with the provisions of section twelve hundred  sixty-nine  of this  title,  except  that  the last sentence of subdivision two thereof relating to the approval of the  comptroller  or  the  director  of  the budget,  as  applicable,  for  private  sales,  and  subdivision  twelve thereof, and the provisions of section twelve  hundred  sixty-nine-b  of this  title,  shall  not  be  applicable with respect to notes, bonds or other obligations issued for such purposes. No sale of such notes, bonds or other obligations of the authority may  be  sold  by  the  authority, however, prior to the earlier of (i) seven days following the receipt by the  state  comptroller of notice by the authority of such proposed sale and the terms thereof or (ii) the receipt by the authority of the  state comptroller's  comments  on  such  proposed  sale and the terms thereof. Additionally, no sale of such notes, bonds or other obligations  of  the authority  may  be  sold by the authority, however, unless such sale and the terms thereof have been approved in writing by the director  of  the budget.  The  proceeds  of  the  sale  of  such  notes,  bonds  or other obligations shall be taken into consideration as "revenue and any  other funds or property actually available to the authority and its subsidiary corporations"  within the meaning of subdivision three of section twelve hundred sixty-six of this  title.  The  aggregate  principal  amount  of bonds,  notes  or  other obligations issued pursuant to this subdivision shall not exceed ten billion dollars.   * NB Repealed April 3, 2023  (b) The  authority  shall  report  on  any  issuances  or  obligations incurred related to paragraph (a) of this subdivision. Such report shall include,  but  not  be limited to, an explanation of each note, bond, or obligation and their respective values issued by the authority  pursuant to  decreases  in  revenue in whole or in part due to the state disaster emergency caused by novel coronavirus, COVID-19. The report  shall  also provide: (i) details of such decreases in revenue in whole, (ii) details of such decreases in revenue in part, (iii) details of such increases in costs,  (iv)  the  methodology  used  by  the  authority or metropolitan transportation authority to calculate such changes, (v)  an  explanation for  attributing  a particular increase in cost or a particular decrease in revenue, to the  state  disaster  emergency  caused  by  coronavirus, COVID-19,  and  (vi)  how  the  authority determined that the particular note, bond, or obligation issued  was  its  most  desired  option.  Such report  shall  be  posted on the authority's website and be submitted to  the governor, the temporary president of the senate, the speaker of  the assembly,   the  mayor  and  council  of  the  city  of  New  York,  the metropolitan  transportation  authority  board,  and  the   metropolitan transportation authority capital program review board.   4.  To  invest  any  funds,  accounts or other monies not required for immediate use or disbursement, at the discretion of  the  authority,  in (a)  obligations  of  the  state  or  the  United States government, (b) obligations the principal and interest of which are  guaranteed  by  the state  or  the  United States government, (c) certificates of deposit of banks or trust companies in this state, secured, if the authority  shall so  require,  by obligations of the United States or of the state of New York of a market value equal at all times to the amount of the  deposit, (d)  banker's  acceptances  with a maturity of ninety days or less which are eligible for purchase by the Federal Reserve Banks and whose  rating at  the  time  of  purchase  is  in  the  highest rating category of two nationally recognized independent rating  agencies,  provided,  however, that the amount of banker's acceptances of any one bank shall not exceed two  hundred  fifty  million  dollars,  (e)  obligations  of any bank or corporation created under the laws of either the United  States  or  any state  of  the  United  States maturing within two hundred seventy days, provided that  such  obligations  receive  the  highest  rating  of  two nationally recognized independent rating agencies and, provided further, that  no  more than two hundred fifty million dollars may be invested in such obligations of any one bank or corporation,  (f)  as  to  any  such moneys  held in reserve and sinking funds, other securities in which the trustee or trustees of any public retirement system or pension fund  has the power to invest the monies thereof pursuant to article four-a of the retirement  and  social security law, each such reserve and sinking fund being treated as a separate fund for the purposes of article  four-a  of the  retirement  and  social security law, (g) notes, bonds, debentures, mortgages and other evidences of indebtedness, issued or  guaranteed  at the  time  of  the  investment  by the United States Postal Service, the federal national mortgage association, the federal  home  loan  mortgage corporation,  the  student  loan marketing association, the federal farm credit system, or any other United States government  sponsored  agency, provided  that  at  the  time  of  the  investment  such  agency  or its obligations are rated  and  the  agency  receives,  or  its  obligations receive, the highest rating of all independent rating agencies that rate such agency or its obligations, provided, however, that no more than two hundred  fifty  million  dollars  or  such  greater  amount  as  may  be authorized  for  investment  for  the  state  comptroller   by   section ninety-three of the state finance law may be invested in the obligations of  any  one agency, (h) general obligation bonds and notes of any state other than the state, provided that such bonds  and  notes  receive  the highest  rating of at least one independent rating agency, and bonds and notes of any county,  town,  city,  village,  fire  district  or  school district of the state, provided that such bonds and notes receive either of  the two highest ratings of at least two independent rating agencies, (i) mutual funds  registered  with  the  United  States  securities  and exchange  commission whose investments are limited to obligations of the state described in paragraph (a) of this  subdivision,  obligations  the principal and interest of which are guaranteed by the state described in paragraph  (b)  of  this  subdivision, and those securities described in paragraph (h) of this subdivision and that  have  received  the  highest rating  of  at  least  one  independent rating agency, provided that the aggregate amount invested at any one time in all such mutual funds shall not  exceed  ten  million  dollars,  and,  provided  further,  that  the authority  shall  not invest such funds, accounts or other monies in any  mutual fund for longer than thirty days, and (j) financial contracts  in a  foreign  currency  entered  into  for  the  purpose of minimizing the foreign currency exchange risk of the purchase price of a contract  with a  vendor  chosen  through  competitive  process  for the acquisition of capital assets for the benefit of the capital program of the  Triborough bridge  and  tunnel  authority  or  either the transit or transportation capital programs;   5. To make  and  alter  by-laws  for  its  organization  and  internal management,  and  rules  and  regulations  governing the exercise of its powers and the fulfillment of its purposes under this title;   6. (a)  To  enter  into  contracts  and  leases  and  to  execute  all instruments necessary or convenient;  (b)  With  respect  to  any lease transaction entered into pursuant to section 168 (f) (8) of the United States internal revenue  code  or  any successor  provisions,  the authority shall meet the following standards and procedures:  (i) notice of intention to negotiate shall be published  in  at  least one newspaper of general circulation, and a copy thereof shall be mailed to  all  parties  who  have requested notification from the authority to engage in transactions of this type.  Such  notice  shall  describe  the nature   of   the  proposed  transaction  and  the  factors  subject  to negotiation, which shall include, but not be limited to, the price to be paid to the authority;  (ii) the  authority  shall  negotiate  with  those  respondents  whose response complies with the requirements set forth in the notice;  (iii)  the  board  of  the  authority  shall  resolve  on the basis of particularized findings relevant to the  factors  negotiated  that  such transaction   will   provide   maximum   available  financial  benefits, consistent with other defined objectives and requirements.  (c) The  authority  shall  provide  to  the  governor,  the  temporary president  of  the  senate,  the  speaker  of the assembly, the minority leader of the senate and the minority leader of the assembly, notice  of each  lease  entered  into pursuant to paragraph (b) of this subdivision and  supporting  documentation  of  compliance  by  the  authority  with subparagraphs (i), (ii) and (iii) of paragraph (b) of this subdivision;  (d)  Paragraphs  (b)  and (c) of this subdivision shall be of no force and effect with respect to any lease transaction entered  into  pursuant to  a  commitment  approved  prior  to  January  first, nineteen hundred eighty-five by the board of the authority.   * 7. To acquire, hold and dispose of real or personal property in  the exercise  of  its  powers,  including,  the power to dispose of personal property with a value of five hundred thousand dollars or less by public auction in accordance with guidelines adopted by the authority  pursuant to  title  five-A of article nine of this chapter. The board shall adopt guidelines that shall provide for advertising and such other  safeguards as the authority may deem appropriate in the public interest.   * NB Effective until April 1, 2024   * 7.  To acquire, hold and dispose of real or personal property in the exercise of its powers;   * NB Effective April 1, 2024   8. 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  and  to  retain  or  employ counsel, auditors, engineers and private consultants on a contract basis or  otherwise  for  rendering  professional  or  technical  services and advice;   9. (a) Notwithstanding section one hundred thirteen of the  retirement and  social  security  law  or  any  other  general  or special law, the  authority and any of its subsidiary corporations may continue or provide to its affected officers and employees any retirement, disability, death or other benefits provided or required for railroad  personnel  pursuant to federal or state law;  (b)   The   authority   and  any  of  its  public  benefit  subsidiary corporations may be a "participating employer" in  the  New  York  state employees'  retirement  system  with  respect  to one or more classes of officers and employees of such authority  or  any  such  public  benefit subsidiary  corporation,  as  may  be  provided  by  resolution  of such authority or any such public benefit subsidiary corporation, as the case may be, or any subsequent amendment thereof, filed with the  comptroller and accepted by him pursuant to section thirty-one of the retirement and social  security  law.  In  taking any action pursuant to this paragraph (b), the authority and any of its public benefit subsidiary corporations shall consider the coverages and benefits continued or provided pursuant to paragraph (a) of this subdivision;   10. To make plans,  surveys,  and  studies  necessary,  convenient  or desirable  to  the  effectuation  of  the  purposes  and  powers  of the authority and to prepare recommendations in regard thereto;   11. To enter upon such lands, waters or premises as in the judgment of the authority may be necessary, convenient or desirable for the  purpose of making surveys, soundings, borings and examinations to accomplish any purpose  authorized by this title, the authority being liable for actual damage done;   12. The authority may  conduct  investigations  and  hearings  in  the furtherance  of  its general purposes, and in aid thereof have access to any books, records or papers relevant thereto; and if any  person  whose testimony  shall be required for the proper performance of the duties of the authority shall fail or refuse to aid or assist the authority in the conduct of any investigation or hearing,  or  to  produce  any  relevant books, records or other papers, the authority is authorized to apply for process  of  subpoena,  to  issue  out  of any court of general original jurisdiction whose process can reach such person, upon due cause shown;   13. A copy of any  report  submitted  by  the  authority  pursuant  to sections twenty-eight hundred, twenty-eight hundred one and twenty-eight hundred  two of this chapter shall be forwarded to the mayor of the city of New York and to the chairman of the board of supervisors and  to  the county executive, if any, of each county within the district.   14.  To  do all things necessary, convenient or desirable to carry out its purposes and for the exercise of the powers granted in this title.