2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2434 - Powers of the Agency.

§  2434.  Powers  of  the  agency. Except as otherwise limited by this
title, the agency shall have power:
(1) To sue and be sued;
(2) To have a seal and alter the same at pleasure;
(3) To make and execute contracts and all other instruments  necessary
or  convenient  for  the exercise of its powers and functions under this
title, including, without  limitation,  any  special  program  agreement
entered  into  pursuant to the provisions of section twenty-four hundred
thirty-five-a of this title, any purchase  and  sale  agreement  entered
into   pursuant   to  the  provisions  of  section  twenty-four  hundred
thirty-five-b of this title  and  any  special  school  deficit  program
agreement   entered   into   pursuant  to  section  twenty-four  hundred
thirty-five-e of this title;
(4) To make and  alter  by-laws  for  its  organization  and  internal
management;
(5) To acquire, hold and dispose of real and personal property for its
corporate purposes;
(5-a)  To  establish, create or otherwise form and control one or more
trusts or other single purpose entities to facilitate  the  purchase  of
tax liens and the issuance of tax lien collateralized securities;
(6)  To appoint officers, agents and employees, prescribe their duties
and qualifications and fix their compensation;
(7)  To  acquire,  and  contract   to   acquire,   bonds   issued   by
municipalities  and  to enter into advance commitments to municipalities
for the purchase of said bonds, all subject to the provisions of section
two thousand four hundred thirty-five of this title;
(7-a) To acquire, and contract to acquire, tax liens and to enter into
advance commitments with a municipality for the  purchase  of  such  tax
liens,  all  subject  to  the  provisions of section twenty-four hundred
thirty-five-b of this title;
(7-b) To acquire and contract to acquire  local  ARRA  bonds,  and  to
enter  into  arrangements  with  a  municipality for the purchase of its
local ARRA bonds;
(7-c)  To  acquire  and  contract  to  acquire,  and  to  enter   into
arrangements  with  a  municipality for the purchase of its local public
safety communications bonds.
(8) Subject to any  agreement  with  bondholders  or  noteholders,  to
invest   moneys  of  the  agency  not  required  for  immediate  use  or
disbursement, including proceeds from the sale of any bonds or notes, in
(a) obligations of the state  or  the  United  States  of  America,  (b)
obligations the principal of and interest on which are guaranteed by the
state or by the United States of America or an agency or instrumentality
of  the  United  States  of  America,  (c)  obligations  of  agencies or
instrumentalities of the  United  States  of  America  or  (d)  interest
bearing time deposits of banks or trust companies secured by obligations
described  in  clauses  (a),  (b)  or  (c)  of  this  subdivision  or by
obligations of agencies or instrumentalities of the state;
(9) Subject to any  agreement  with  bondholders  or  noteholders,  to
purchase  bonds  or  notes  of  the  agency,  which  shall  thereupon be
cancelled, at a price not exceeding (a) if the bonds or notes  are  then
redeemable,  the  redemption price then applicable plus accrued interest
to the next interest payment date thereon, or (b) if the bonds or  notes
are  not  then  redeemable, the redemption price applicable on the first
date after such purchase upon which the notes or bonds become subject to
redemption plus accrued interest to said date;
(10) To borrow money and to issue negotiable bonds and  notes  and  to
provide for and secure the payment thereof and to provide for the rights
of the holders thereof;
(11)  To  make  and  execute  contracts for the servicing of municipal
bonds acquired by the  agency  pursuant  to  this  title,  and  for  the
servicing   of   special  program  agreements,  special  school  purpose
agreements and special school deficit program agreements, and to pay the
reasonable  value  of  services rendered to the agency pursuant to those
contracts;
(11-a)  To  make  and  execute  contracts  for  professional  services
including,  but  not  limited  to,  attorneys,  financial  advisors, due
diligence providers and  other  professional  services  related  to  the
servicing  of  tax  liens  acquired by the agency or its tax lien entity
pursuant to this title, and for the servicing of tax lien  purchase  and
sale agreements, and to pay the reasonable value of services rendered to
the agency or its tax lien entity pursuant to those contracts;
(12)  To  contract  with  the New York State housing finance agency to
render such services as the agency may deem appropriate,  including  but
not  limited to the use of the premises, personnel and personal property
of the New York State housing finance agency, and to pay the  reasonable
costs  thereof  and  provide for the reimbursement to the New York state
housing finance agency for any expenses necessarily incurred by the  New
York  state  housing  financing agency in carrying out the terms of such
contract. Any such contract shall be subject to the separate approval of
the director of the budget;
(13) To contract for and to accept any gifts or  grants  or  loans  of
funds or property or financial or other aid in any form from the federal
government  or  any agency or instrumentality thereof, or from the state
or any agency or instrumentality thereof, or from any other  source  and
to  comply,  subject to the provisions of this title, with the terms and
conditions thereof;
(14) To acquire, hold, use and dispose of its income, revenues,  funds
and moneys;
(15)  To  fix, revise, from time to time, charge and collect such fees
and charges, including but not limited to reimbursement of all costs  of
financing by the agency and its tax lien entity, and service charges, as
the agency shall determine to be reasonable;
(16) Subject to any agreement with bondholders or noteholders, consent
to  the  modification with respect to rate or rates of interest, time of
payment of any installment of principal or  interest,  security  or  any
other  term  of  any municipal bond of which it is the holder, or of any
contract or agreement of any kind to which it is a party;
(16-a) Subject to any agreement with the holders or owners of tax lien
collateralized securities, consent to the modification with  respect  to
the  time  of  payment, interest or penalties of a tax lien owned by the
agency or its tax lien entity, or of any other contract or agreement  to
which it is a party;
(17)  To  establish  any  terms  and  provisions  with  respect to any
purchase of municipal bonds by the agency, including date and maturities
of the bonds, provisions as to redemption or payment prior to  maturity,
and any other matters which are necessary, desirable or advisable in the
judgment of the agency;
(17-a)  To  establish  any  terms  and  provisions with respect to any
purchase of tax liens by the agency or its tax  lien  entity,  including
the  sale  date  and,  subject  to  terms  of  the  tax liens purchased,
provisions as to redemption or payment prior to  the  stated  redemption
date,  and any other matters which are necessary, desirable or advisable
in the judgment of the agency;
(18) To establish any terms and provisions with respect to any special
program agreement, special school purpose agreement  or  special  school
deficit  program  agreement,  including  any  terms for payment, and any

other matters  which  are  necessary,  desirable  or  advisable  in  the
judgment of the agency;
(18-a)  To  establish any terms and provisions with respect to any tax
lien purchase and sale agreement, including any terms for  payment,  and
any  other  matters  which  are necessary, desirable or advisable in the
judgment of the agency;
(19) To certify to the comptroller the need for diversion of state aid
payable to any municipality in default on its bonds or failing  to  make
the  required appropriation for interest and principal on any bonds held
by the agency pursuant to the provisions of section twenty-four  hundred
thirty-six of this title;
(20) To certify to the comptroller the need for diversion of state aid
payable  to any special program municipality failing to make a scheduled
payment to or for the account of the  agency  under  a  special  program
agreement  entered  into  by  the  agency  for  the purpose described in
paragraph  (a)  of  subdivision  one  of  section  twenty-four   hundred
thirty-five-a of this title;
(21)  To  pledge or assign, as security for any of its bonds or notes,
any moneys, funds, municipal bonds, special program agreements,  special
school purpose agreements, or special school deficit program agreements,
assets  or  revenues  of  the agency, including, without limitation, any
state aid or school aid  received  or  receivable  pursuant  to  section
twenty-four hundred thirty-six of this title;
* (21-a)  To  certify  to  the  comptroller  the need for diversion of
school aid payable to any special program municipality failing to make a
scheduled payment to or for the account of the agency  under  a  special
program  agreement  entered into by the agency for the purpose described
in paragraph (b) of  subdivision  one  of  section  twenty-four  hundred
thirty-five-a of this title;
* NB There are 2 sub (21-a)'s
* (21-a)   To   pledge   or  assign  as  security  for  any  tax  lien
collateralized  securities  any  tax  liens,  moneys,  funds,  tax  lien
purchase and sale agreements, assets or revenue of the agency or its tax
lien entity;
* NB There are 2 sub (21-a)'s
(21-b)  To certify to the comptroller, with a copy to the commissioner
of education, the  amounts  required  with  respect  to  special  school
purpose  bonds as described in section twenty-four hundred thirty-five-d
of this title.
(21-c) To certify to the comptroller, with a copy to the  commissioner
of  education, the need for diversion of school aid payable to a special
school deficit program district to make a scheduled payment  to  or  for
the  account  of  the  agency  under  a  special  school deficit program
agreement entered into by the agency  pursuant  to  section  twenty-four
hundred thirty-five-e of this title.
(22) To do any and all things necessary or convenient to carry out its
purposes and exercise powers given and granted in this title.