NY Pub Auth L § 3654 (2021)
2021 New York Laws PBA - Public Authorities Article 10-D - Miscellaneous Authorities Title 1 - Nassau County Interim Finance Authority 3654 - General Powers of the Authority.

§  3654.  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, or to  refund  the  same,  and  to   provide for the rights of the holders of its bonds;7. as security for the payment of the principal of and interest on any   bonds  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, or facilities for the payment of tenders of   such bonds 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  fifty  percent  of  the  amount  authorized  in   subdivision one of section thirty-six hundred fifty-six of this  article   to  pay  the financeable costs described in paragraph (a) of subdivision   eleven of section thirty-six hundred fifty-one of this article;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,  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 in either of the   two  highest  rating categories of two nationally recognized independent   rating agencies, (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   New York State or any national banking association domiciled in New York   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   New York State or any national banking association domiciled in New York   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; and14. 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.