NY Pub Auth L § 1974 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 12 1974 - Powers of the Authority.

§ 1974. Powers of the authority. The authority shall have power:1. To sue and be sued;2. To have a seal and alter the same at pleasure;3.  To acquire, lease, hold, mortgage and dispose of real property and   personal property or any interest therein for its corporate purposes;4. To acquire, construct, improve, enlarge,  operate  and  maintain  a   project  within  the  project  area  as  defined  herein  and  all other   structures, appurtenances and  facilities  necessary  or  convenient  in   connection   therewith,   provided,  however,  that  all  contracts  for   construction let by the authority shall be let in  conformity  with  the   provisions  of section one hundred thirty-five of the state finance law,   except that contracts  for  construction  let  by  subsidiaries  of  the   authority  shall be governed instead by the applicable provisions of the   private housing finance law;5.  To  appoint  officers,  agents  and  employees,  prescribe   their   qualifications and duties and fix their compensation;6.  To  make by-laws for the management and regulation of its affairs,   and, subject to agreements with bondholders, for the regulation  of  the   projects;7.  With  the  consent  of  the  city  to  use  agents,  employees and   facilities of the city, paying to the city its agreed proportion of  the   compensation or cost;8.  To  make  contracts  and  to  execute  all necessary or convenient   instruments, including leases and subleases, evidences of  indebtedness,   negotiable or non-negotiable;9.  To  engage  the  services  of  consultants on a contract basis for   rendering professional and technical assistance and advice;10. To accept grants, loans or contributions from the  United  States,   or  the  state  or  the city, or any agency or instrumentality of any of   them, or from any other source  and  to  expend  the  proceeds  for  any   corporate purpose;11.  To  fix,  establish  and  collect  rates, rentals, fees and other   charges for the use of the project, subject to and  in  accordance  with   such  agreements  with  bondholders  and  noteholders  as may be made as   hereinafter provided;12. To  create  subsidiaries  pursuant  to  section  nineteen  hundred   seventy-four-a of this title;13.  To  lend  or  donate monies, whether secured or unsecured, to any   subsidiary, and to purchase, sell or pledge the shares, bonds  or  other   obligations  or  securities thereof, on such terms and conditions as the   authority may deem advisable;14. To make loans secured by a first mortgage, and to  make  temporary   loans  or  advances, to any housing company organized to provide housing   within the Battery Park city project area pursuant to and subject to the   provisions of article two, article four or article eleven of the private   housing finance law, including any subsidiary of the authority,  and  to   undertake  commitments  therefor.  Any  such  commitments  or  loans may   contain such terms and conditions not inconsistent with  the  provisions   of this title as the authority may deem necessary or desirable to secure   repayment  of  its loan, the interest, if any, thereon and other charges   in connection therewith;15. Subject to the provisions of  any  contract  with  noteholders  or   bondholders,  to  sell, at public or private sale, any mortgage or other   security for a mortgage loan made by the authority;16. In connection with the making of mortgage  loans  and  commitments   therefor,  to  make, fix or establish and collect such fees and charges,   including but not limited to reimbursement of all costs of financing  by   the  authority, service charges and insurance premiums, as the authority    shall determine to be  reasonable  subject  to  the  provisions  of  any   contract with noteholders or bondholders;17.  To procure or agree to the procurement of insurance or guarantees   from the federal government of  the  payment  of  any  bonds  or  notes,   mortgages or any other evidences of indebtedness issued by the authority   or  its  subsidiaries,  including  the power to pay premiums on any such   insurance;18. Subject to the provisions of  any  contract  with  noteholders  or   bondholders,  to  consent  to  the modification, with respect to rate of   interest, time of payment of any installment of principal  or  interest,   security  or  any  other  term, of any mortgage, mortgage loan, mortgage   loan commitment,  contract  or  agreement  of  any  kind  to  which  the   authority is a party;19.  In connection with any property on which the authority has made a   mortgage loan, to foreclose on any such property or commence any  action   to protect or enforce any right conferred upon the authority by any law,   mortgage,  contract or other agreement, and to bid for and purchase such   property at any foreclosure or at any other sale,  or  acquire  or  take   possession  of  any  such  property; and in such event the authority may   complete,  administer,  pay  the  principal  of  and  interest  on   any   obligations  incurred  in connection with such property, and dispose of,   and otherwise deal with,  such  property,  in  such  manner  as  may  be   necessary  or  desirable  to  protect  the  interests  of  the authority   therein;20. To manage any project, whether or not then owned or leased by  the   authority,   and  to  enter  into  agreements  with  the  state  or  any   municipality or any agency  or  instrumentality  thereof,  or  with  any   person,  firm, partnership or corporation, either public or private, for   the purpose of causing any project to be managed;21. To procure insurance against  any  loss  in  connection  with  its   property  and  other assets and operations in such amounts and from such   insurers as it deems desirable;22. Notwithstanding the provisions of this title or of any other  law,   general,  special  or  local, whenever the authority shall find that the   maximum rentals charged tenants of the dwellings in any project financed   by the authority in whole or in part shall not be  sufficient,  together   with all other income of the mortgagor, to meet within reasonable limits   all  necessary  payments  to  be  made  by the mortgagor of all expenses   including fixed charges,  sinking  funds,  reserves  and  dividends,  to   request  the  mortgagor  to make application to vary the rental rate for   such dwellings so as to secure sufficient income, and  upon  failure  of   the  mortgagor  to  take  such action within sixty days after receipt of   written request from the authority to do so, to vary such rental rate by   action of the authority.23. To do all things necessary or convenient to carry out  the  powers   expressly given in this title.24.  To  borrow  money  and  issue  negotiable  bonds,  notes or other   obligations and to provide for the rights of the holders thereof;25. To carry out its powers and responsibilities with respect  to  the   chapter  of  the  laws  of  nineteen  hundred  ninety which enacted this   subdivision.