NY Educ L § 454 (2021)
2021 New York Laws EDN - Education Title 1 - General Provisions Article 10 - New York City Educational Construction Fund 454 - General Powers and Duties of Fund.

§ 454. General  powers  and  duties  of  fund. The fund shall have the   following powers in addition to those specifically  conferred  elsewhere   in this article: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;4. With the approval of the comptroller of the city  of  New  York  to   prescribe a system of accounts;5.  To  make  rules  and  regulations  governing  the  exercise of its   corporate powers and the fulfillment of  its  corporate  purposes  under   this  article,  which  rules  and  regulations  shall  be filed with the   secretary of state in the manner provided by section one hundred two  of   the executive law;6.  With the approval of the board of education, to purchase, receive,   lease or otherwise acquire  real  and  personal  property  necessary  or   convenient for its corporate purposes;7. Subject to the terms and conditions of any lease, sublease or other   agreement with the board of education, to possess, hold, use and improve   real  and personal property acquired by or on behalf of the fund so long   as its corporate existence shall continue;8. Upon a two-thirds vote of the trustees of the fund, and subject  to   the  approval  of the board of education, to design, construct, acquire,   reconstruct, rehabilitate and improve combined occupancy structures  and   incidental  or  appurtenant facilities thereto, or cause such structures   and facilities to be  designed,  constructed,  acquired,  reconstructed,   rehabilitated  and  improved  in  accordance with the provisions of this   article;9.  In  connection  with  such  design,   construction,   acquisition,   reconstruction,  rehabilitation  and improvement, to install or cause to   be installed water, sewer,  gas,  electrical,  telephone,  heating,  air   conditioning   and   other   utility   services,  including  appropriate   connections;10. Subject to the terms and conditions  of  any  lease,  sublease  or   other  agreement  with  the  board of education, to maintain, repair and   keep up the  real  property  held  by  it  and  all  combined  occupancy   structures   and   facilities   constructed,   acquired,  reconstructed,   rehabilitated or improved pursuant to this article;11. Subject to the terms and conditions  of  any  lease,  sublease  or   other agreement with third parties and to the determination of the board   of  education  that such real property is unnecessary for the present or   foreseeable future school building needs of the city  of  New  York,  to   surrender  to the appropriate city official, for other public use or for   sale, lease or other disposition in accordance with law,  real  property   held by the fund for its corporate purposes;12.  To  make  and  execute contracts, leases, subleases and all other   instruments or agreements necessary or convenient for  the  exercise  of   its corporate powers and the fulfillment of its corporate purposes under   this  article,  subject to the approval of the corporation counsel as to   form of all such documents to which the city of New York is a party; the   term of any such lease or sublease  or  renewal  thereof  shall  not  be   limited by any provision of any general, special or local law or charter   applicable  to  the city of New York or to the board of education of the   city of New York;13. To procure insurance against  any  loss  in  connection  with  its   property  and  other assets in such amounts and from such insurers as it   deems desirable; 14. With the consent of the board of  education  to  use  the  agents,   employees and facilities of the board;15.   To   engage   the   services   of   construction,   engineering,   architectural,  legal   and   financial   consultants,   surveyors   and   appraisers,  on  a  contract  basis  or  as  employees, for professional   service and technical assistance and advice;16. To assist generally, the department of  general  services  of  the   city  of  New  York  in  making  land surveys, topographical surveys and   valuation appraisals of real property sought to be acquired by the board   of education of the city of New York;17. To borrow  money  and  issue  negotiable  notes,  bonds  or  other   obligations and to provide for the rights of the holders thereof;18.  To  invest  any moneys held in any funds or accounts not required   for immediate use or disbursement, at the discretion  of  the  fund,  in   obligations  of  the  city, the state or the United States government or   obligations the principal of and interest on which are guaranteed by the   city, the state or  the  United  States  government  or  obligations  of   agencies  or instrumentalities of the United States 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   temporarily to deposit or invest moneys not required for  immediate  use   or  disbursement  in  interest  bearing time deposits or certificates of   deposit issued by, a bank or trust company located and authorized to  do   business  in  this  state, provided, however, that such time deposits or   certificates of deposit  shall  be  payable  within  such  time  as  the   proceeds shall be needed and provided further that such time deposits or   certificates  of  deposit  be  secured by a pledge of obligations of the   United States of America, or any obligation fully guaranteed or  insured   as  to  interest  and  principal  by the United States of America acting   through an agency,  subdivision,  department  or  division  thereof,  or   obligations  of  the  state  of  New  York  or  of a corporate agency or   instrumentality of the state of New York, including the fund itself,  or   obligations of the city of New York.19.  To  accept  any gifts or grants or loans of funds and property or   financial or other aid in any form from the federal  government  or  any   agency  or  instrumentality  thereof or from the state or from any other   source and to comply, subject to the provisions of  this  article,  with   the terms and conditions thereof;20.  At the request or with the approval of the board of education, to   grant, sell, license, lease or otherwise transfer without public auction   or bidding any real property or  any  rights  or  interests  therein  or   thereto, including fee interests, easements, space rights or air rights,   held  by  it  and  occupied  or  reserved for school purposes and needed   therefor, to a private  individual  or  private  or  public  corporation   solely  and  exclusively  for the purpose of developing and constructing   therein or thereon a combined occupancy structure, or a part or  portion   thereof,  or  for the purpose of rehabilitating or improving an existing   school to become part of  a  combined  occupancy  structure  within  the   meaning  of  this  article  subject to a prior and enforceable agreement   approved by the board of education for the reconveyance,  retransfer  or   leaseback  of  the  school portion thereof, upon completion, for use and   occupancy by the said board of education  in  those  instances  where  a   grant, sale or lease has been made to such private individual or private   or  public  corporation;  provided, however, that no such sale, lease or   transfer of lands or rights therein or thereto is authorized  where  the   development  of a combined occupancy structure contemplates the erection   of nonschool facilities or  improvements  over  an  existing  playground   unless  such  combined  occupancy  structure to be constructed over such    playground shall provide playground area at least equal in size  to  the   then existing playground area;21.  At the request or with the approval of the board of education, to   contract with the owner or  other  developer  of  a  combined  occupancy   structure  for  the purchase or lease of the school portion thereof upon   completion for use and occupancy by the board of education of  the  city   of New York;22.  To  grant,  sell,  lease, sublease or otherwise convey the school   portion of combined occupancy structures to the city of New York for use   and occupancy by the board of education of the city of New York; and23. To do any and all things necessary or convenient to carry out  its   corporate  purposes  and  exercise the powers given and granted to it in   this article.