NY Pub Auth L § 3854 (2021)
2021 New York Laws PBA - Public Authorities Article 10-D - Miscellaneous Authorities Title 2 - Buffalo Fiscal Stability Authority 3854 - General Powers of the Authority.

§  3854.  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-eight hundred sixty-two of this  title   to pay the financeable costs described in paragraph (a), (c), (d) or (e)   of subdivision fifteen of section thirty-eight hundred fifty-one of this   title;10.  to  accept  gifts,  grants,  loans  or  contributions of funds or   financial or other aid in any form  from  the  city,  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;11. 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  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.12. 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 city; and13. 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.