NY Pub Auth L § 3954 (2021)
2021 New York Laws PBA - Public Authorities Article 10-D - Miscellaneous Authorities Title 3 - Erie County Fiscal Stability Authority 3954 - General Powers of the Authority.

§  3954.  General powers of the authority. Except as otherwise limited   by this title, the authority shall have the following powers in addition   to those specially conferred elsewhere in this title,  subject  only  to   agreements with bondholders: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 management and   subject to agreements with its bondholders, to make and alter rules  and   regulations  governing the exercise of its powers and fulfillment of its   purposes under this title;4. to  make  and  execute  contracts  and  all  other  instruments  or   agreements necessary or convenient to carry out any powers and functions   expressly given in this title;5.  to  commence  any action to protect or enforce any right conferred   upon it by any law, contract or other agreement;6. to borrow money and issue bonds, notes or other obligations, or  to   refund  the  same,  and  to provide for the rights of the holders of its   bonds, notes or other obligations;7. as security for the payment of the principal of and interest on any   bonds, notes or other obligations issued by it pursuant  to  this  title   and  any agreements made in connection therewith and for its obligations   under bond facilities, to pledge all or any  part  of  its  revenues  or   assets;8. to procure insurance, letters of credit or other credit enhancement   with respect to its bonds, notes or other obligations, or facilities for   the  payment  of  tenders  of  such bonds, notes or other obligations or   facilities for  the  payment  upon  maturity  of  short-term  notes  not   renewed;9.  to  enter into interest rate exchange or similar arrangements with   any person  under  such  terms  and  conditions  as  the  authority  may   determine,  not  inconsistent  with  the  general laws of this state and   other  provisions  of  this  title,   including,   without   limitation,   provisions as to default or early termination and indemnification by the   authority  or  any  other party thereto for loss of benefits as a result   thereof; provided, however, that such exchanges or similar  arrangements   shall  be  limited  to  twenty-five  percent of the amount authorized in   subdivision one of section thirty-nine hundred sixty-two of  this  title   to pay the financeable costs described in paragraph (a), (b), (d) or (e)   of subdivision thirteen of section thirty-nine hundred fifty-one of this   title;10.   to   procure  insurance,  letters  of  credit  or  other  credit   enhancement with respect to arrangements described in  subdivision  nine   of this section;11.  to  accept  gifts,  grants,  loans  or  contributions of funds or   financial or other aid in any form from the  county,  state  or  federal   government  or  any agency or instrumentality thereof, or from any other   source and to expend the proceeds for any of its corporate  purposes  in   accordance with the provisions of this title;12.  subject  to  the  provisions  of any contract with bondholders in   respect of escrow accounts to secure bonds that have  been  refunded  or   debt  service  funds  in  which  revenues are deposited to secure bonds,   notes or other indebtedness issued under this act, 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  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,   whether negotiable or non-negotiable, and banker's acceptances of any of    the fifty largest banks in the United States which bank, at the time  of   investment,  has  an  outstanding  unsecured, uninsured and unguaranteed   debt issue  ranked  by  two  nationally  recognized  independent  rating   agencies  at  a  rating  category that is no lower than the then current   rating of  the  authority's  bonds,  notes  or  other  obligations,  (d)   commercial  paper  of  any bank or corporation created under the laws of   either the United States  or  any  state  of  the  United  States  which   commercial  paper,  at  the  time  of  the  investment, has received the   highest rating of two nationally recognized independent rating agencies,   (e) bonds, debentures, or other evidences  of  indebtedness,  issued  or   guaranteed  at  the  time  of  the  investment  by  the federal national   mortgage association, federal home loan  mortgage  corporation,  student   loan  marketing  association,  federal  farm credit system, or any other   United States government sponsored agency, provided that at the time  of   the  investment such agency receives, or its obligations receive, any of   the  three  highest  rating  categories  of  two  nationally  recognized   independent  rating  agencies, (f) any bonds or other obligations of any   state or the United States of America or of  any  political  subdivision   thereof or any agency, instrumentality or local governmental unit of any   such state or political subdivision which bonds or other obligations, at   the  time  of  the  investment  have  received  any of the three highest   ratings of two nationally recognized independent  rating  agencies,  (g)   any  repurchase agreement with any bank or trust company organized under   the laws of any state of the United States of America  or  any  national   banking  association  or  government  bond  dealer reporting to, trading   with, and recognized as a primary dealer by the Federal Reserve Bank  of   New  York,  which  agreement  is  secured  by  any  one  or  more of the   securities described in paragraph (a), (b) or (e) of  this  subdivision,   which securities shall at all times have a market value of not less than   the  full amount of the repurchase agreement and be delivered to another   bank or trust company organized under the  laws  of  the  state  or  any   national  banking  association domiciled in the state, as custodian, and   (h) reverse  repurchase  agreements  with  any  bank  or  trust  company   organized under the laws of any state of the United States of America or   any national banking association or government bond dealer reporting to,   trading  with, and recognized as a primary dealer by the Federal Reserve   Bank of New York, which agreement is secured by any one or more  of  the   securities  described  in  paragraph (a), (b) or (e) of this subdivision   which securities shall at all times have a market value of not less than   the full amount of the repurchase agreement and be delivered to  another   bank  or  trust  company  organized  under  the laws of the state or any   national banking association domiciled in the state, as custodian.13. 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 and   private financial consultants and other services on a contract basis  or   otherwise for rendering professional, business or technical services and   advice;  and,  in  taking such actions, the authority shall consider the   financial impact on the county.14. 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; provided, however, such authority shall  under  no  circumstances   acquire,   hold  or  transfer  title  to,  lease,  own  beneficially  or   otherwise, manage, operate or otherwise exercise control over  any  real   property, any improvement to real property or any interest therein other   than  a  lease or sublease of office space deemed necessary or desirable   by the authority.