2023 New York Laws › PBA - Public Authorities › Article 5 - Public Utility Authorities › Title 11 - Metropolitan Commuter Transportation Authority › 1265 - General Powers of the Authority.

§  1265.  General powers of the authority. Except as otherwise limited
by this title, the authority shall have power:
1. To sue and be sued;
2. To have a seal and alter the same at pleasure;
3. To  borrow  money,  to  issue  negotiable  notes,  bonds  or  other
obligations and to provide for the rights of the holders thereof, and to
finance or refinance all or any part of the costs to the authority or to
any  other person or entity, public or private, of the planning, design,
acquisition, construction, improvement, reconstruction or rehabilitation
of any transportation facility;
3-a.  (b) The authority shall report on any issuances  or  obligations
incurred related to paragraph (a) of this subdivision. Such report shall
include,  but  not  be limited to, an explanation of each note, bond, or
obligation and their respective values issued by the authority  pursuant
to  decreases  in  revenue in whole or in part due to the state disaster
emergency caused by novel coronavirus, COVID-19. The report  shall  also
provide: (i) details of such decreases in revenue in whole, (ii) details
of such decreases in revenue in part, (iii) details of such increases in
costs,  (iv)  the  methodology  used  by  the  authority or metropolitan
transportation authority to calculate such changes, (v)  an  explanation
for  attributing  a particular increase in cost or a particular decrease
in revenue, to the  state  disaster  emergency  caused  by  coronavirus,
COVID-19,  and  (vi)  how  the  authority determined that the particular
note, bond, or obligation issued  was  its  most  desired  option.  Such
report  shall  be  posted on the authority's website and be submitted to
the governor, the temporary president of the senate, the speaker of  the
assembly,   the  mayor  and  council  of  the  city  of  New  York,  the
metropolitan  transportation  authority  board,  and  the   metropolitan
transportation authority capital program review board.
4.  To  invest  any  funds,  accounts or other monies 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 of
banks or trust companies in this state, secured, if the authority  shall
so  require,  by obligations of the United States or of the state of New
York of a market value equal at all times to the amount of the  deposit,
(d)  banker's  acceptances  with a maturity of ninety days or less which
are eligible for purchase by the Federal Reserve Banks and whose  rating
at  the  time  of  purchase  is  in  the  highest rating category of two
nationally recognized independent rating  agencies,  provided,  however,
that the amount of banker's acceptances of any one bank shall not exceed
two  hundred  fifty  million  dollars,  (e)  obligations  of any bank or
corporation created under the laws of either the United  States  or  any
state  of  the  United  States maturing within two hundred seventy days,
provided that  such  obligations  receive  the  highest  rating  of  two
nationally recognized independent rating agencies and, provided further,
that  no  more than two hundred fifty million dollars may be invested in
such obligations of any one bank or corporation,  (f)  as  to  any  such
moneys  held in reserve and sinking funds, other securities in which the
trustee or trustees of any public retirement system or pension fund  has
the power to invest the monies thereof pursuant to article four-a of the
retirement  and  social security law, each such reserve and sinking fund
being treated as a separate fund for the purposes of article  four-a  of
the  retirement  and  social security law, (g) notes, bonds, debentures,
mortgages and other evidences of indebtedness, issued or  guaranteed  at
the  time  of  the  investment  by the United States Postal Service, the
federal national mortgage association, the federal  home  loan  mortgage

corporation,  the  student  loan marketing association, the federal farm
credit system, or any other United States government  sponsored  agency,
provided  that  at  the  time  of  the  investment  such  agency  or its
obligations  are  rated  and  the  agency  receives,  or its obligations
receive, the highest rating of all independent rating agencies that rate
such agency or its obligations, provided, however, that no more than two
hundred  fifty  million  dollars  or  such  greater  amount  as  may  be
authorized   for   investment  for  the  state  comptroller  by  section
ninety-three of the state finance law may be invested in the obligations
of any one agency, (h) general obligation bonds and notes of  any  state
other  than  the  state,  provided that such bonds and notes receive the
highest rating of at least one independent rating agency, and bonds  and
notes  of  any  county,  town,  city,  village,  fire district or school
district of the state, provided that such bonds and notes receive either
of the two highest ratings of at least two independent rating  agencies,
(i)  mutual  funds  registered  with  the  United  States securities and
exchange commission whose investments are limited to obligations of  the
state  described  in  paragraph (a) of this subdivision, obligations the
principal and interest of which are guaranteed by the state described in
paragraph (b) of this subdivision, and  those  securities  described  in
paragraph  (h)  of  this  subdivision and that have received the highest
rating of at least one independent  rating  agency,  provided  that  the
aggregate amount invested at any one time in all such mutual funds shall
not  exceed  ten  million  dollars,  and,  provided  further,  that  the
authority shall not invest such funds, accounts or other monies  in  any
mutual  fund for longer than thirty days, and (j) financial contracts in
a foreign currency entered  into  for  the  purpose  of  minimizing  the
foreign  currency exchange risk of the purchase price of a contract with
a vendor chosen through  competitive  process  for  the  acquisition  of
capital  assets for the benefit of the capital program of the Triborough
bridge and tunnel authority or  either  the  transit  or  transportation
capital programs;
5.  To  make  and  alter  by-laws  for  its  organization and internal
management, and rules and regulations  governing  the  exercise  of  its
powers and the fulfillment of its purposes under this title;
6.  (a)  To  enter  into  contracts  and  leases  and  to  execute all
instruments necessary or convenient;
(b) With respect to any lease transaction  entered  into  pursuant  to
section  168  (f)  (8) of the United States internal revenue code or any
successor provisions, the authority shall meet the  following  standards
and procedures:
(i)  notice  of  intention to negotiate shall be published in at least
one newspaper of general circulation, and a copy thereof shall be mailed
to all parties who have requested notification  from  the  authority  to
engage  in  transactions  of  this  type. Such notice shall describe the
nature  of  the  proposed  transaction  and  the  factors   subject   to
negotiation, which shall include, but not be limited to, the price to be
paid to the authority;
(ii)  the  authority  shall  negotiate  with  those  respondents whose
response complies with the requirements set forth in the notice;
(iii) the board of  the  authority  shall  resolve  on  the  basis  of
particularized  findings  relevant  to  the factors negotiated that such
transaction  will  provide   maximum   available   financial   benefits,
consistent with other defined objectives and requirements.
(c)  The  authority  shall  provide  to  the  governor,  the temporary
president of the senate, the  speaker  of  the  assembly,  the  minority
leader  of the senate and the minority leader of the assembly, notice of
each lease entered into pursuant to paragraph (b)  of  this  subdivision

and  supporting  documentation  of  compliance  by  the  authority  with
subparagraphs (i), (ii) and (iii) of paragraph (b) of this subdivision;
(d)  Paragraphs  (b)  and (c) of this subdivision shall be of no force
and effect with respect to any lease transaction entered  into  pursuant
to  a  commitment  approved  prior  to  January  first, nineteen hundred
eighty-five by the board of the authority.
* 7. To acquire, hold and dispose of real or personal property in  the
exercise  of  its  powers,  including,  the power to dispose of personal
property with a value of five hundred thousand dollars or less by public
auction in accordance with guidelines adopted by the authority  pursuant
to  title  five-A of article nine of this chapter. The board shall adopt
guidelines that shall provide for advertising and such other  safeguards
as the authority may deem appropriate in the public interest.
* NB Effective until June 30, 2028
* 7.  To acquire, hold and dispose of real or personal property in the
exercise of its powers;
* NB Effective June 30, 2028
8. 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, engineers and private consultants on a contract basis
or  otherwise  for  rendering  professional  or  technical  services and
advice;
9. (a) Notwithstanding section one hundred thirteen of the  retirement
and  social  security  law  or  any  other  general  or special law, the
authority and any of its subsidiary corporations may continue or provide
to its affected officers and employees any retirement, disability, death
or other benefits provided or required for railroad  personnel  pursuant
to federal or state law;
(b)   The   authority   and  any  of  its  public  benefit  subsidiary
corporations may be a "participating employer" in  the  New  York  state
employees'  retirement  system  with  respect  to one or more classes of
officers and employees of such authority  or  any  such  public  benefit
subsidiary  corporation,  as  may  be  provided  by  resolution  of such
authority or any such public benefit subsidiary corporation, as the case
may be, or any subsequent amendment thereof, filed with the  comptroller
and accepted by him pursuant to section thirty-one of the retirement and
social  security  law.  In  taking any action pursuant to this paragraph
(b), the authority and any of its public benefit subsidiary corporations
shall consider the coverages and benefits continued or provided pursuant
to paragraph (a) of this subdivision;
10. To make plans,  surveys,  and  studies  necessary,  convenient  or
desirable  to  the  effectuation  of  the  purposes  and  powers  of the
authority and to prepare recommendations in regard thereto;
11. To enter upon such lands, waters or premises as in the judgment of
the authority may be necessary, convenient or desirable for the  purpose
of making surveys, soundings, borings and examinations to accomplish any
purpose  authorized by this title, the authority being liable for actual
damage done;
12. The authority may  conduct  investigations  and  hearings  in  the
furtherance  of  its general purposes, and in aid thereof have access to
any books, records or papers relevant thereto; and if any  person  whose
testimony  shall be required for the proper performance of the duties of
the authority shall fail or refuse to aid or assist the authority in the
conduct of any investigation or hearing,  or  to  produce  any  relevant
books, records or other papers, the authority is authorized to apply for
process  of  subpoena,  to  issue  out  of any court of general original
jurisdiction whose process can reach such person, upon due cause shown;
13. A copy of any  report  submitted  by  the  authority  pursuant  to
sections twenty-eight hundred, twenty-eight hundred one and twenty-eight
hundred  two of this chapter shall be forwarded to the mayor of the city
of New York and to the chairman of the board of supervisors and  to  the
county executive, if any, of each county within the district.
14.  To  do all things necessary, convenient or desirable to carry out
its purposes and for the exercise of the powers granted in this title.