New York Laws
Sub Title 1 - Subtitle I General Provisions
1804 - General Powers and Duties of the Authority.

§ 1804. General powers and duties of the authority. Subject to the
other provisions of this title and the provisions of any contract with
bondholders or noteholders, the authority shall have the following
powers in addition to the powers specifically conferred upon the
authority elsewhere in this title:

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 internal
management;

4. To make rules and regulations governing the exercise of its
corporate powers and the fulfillment of its corporate purposes under
this title, which rules and regulations shall be filed with the
department of state in the manner provided by section one hundred two of
the executive law and to maintain its system of internal controls in
conformity with the relevant standards specified by authoritative
national standard setting bodies;

5. To make loans and loan guaranties secured by loan agreements,
mortgages, contracts and all other instruments necessary or convenient
for the exercise of its corporate powers and the fulfillment of its
corporate purposes under this title; and to require the inclusion in any
lease or other agreement in respect of a project (a) such provisions as
to the use of the project as the authority may deem necessary or
desirable for the fulfillment of its corporate purposes and (b) such
provisions as to the reporting to it by the parties to such lease or
other agreement of such information as it deems necessary to monitor (i)
compliance by such parties with the provisions of this title and with
the provisions of any rules and regulations adopted pursuant to this
title and (ii) the progress of the project occupant or of the business
enterprise described in section eighteen hundred twenty-seven of this
title in achieving the representations made in the application submitted
pursuant to section eighteen hundred twenty-four of this title;

6. In connection with loans, loan guarantees, or any applications or
commitments therefor, to make and collect such fees and charges as the
authority shall determine to be reasonable;

7. To purchase, receive, lease or otherwise acquire, and hold in the
name of the state or otherwise, or contract to acquire from any person,
firm, corporation, municipality, federal or state agency, by grant,
purchase, or otherwise, and to sell, convey, mortgage, lease, pledge or
otherwise dispose of, upon such terms and conditions as the authority
may deem advisable, real and personal property, together with such
rights and privileges as may be incidental and appurtenant thereto and
to the use thereof, including but not restricted to any real or personal
property acquired by the authority from time to time upon foreclosure of
any mortgage or in the satisfaction of debts or in the enforcement of
obligations; provided, however, that the terms and conditions of any
sale or other disposition by the authority of property conveyed to it
pursuant to section eighteen hundred thirty-a of this title including
the consideration involved, shall be subject to the approval of the
director of the budget, prior to such sale or other disposition;

8. To sell at public or private sale, or pledge or assign, any loan
made by the authority and any mortgage or other obligation securing a
loan made by the authority;

9. To foreclose on any real or personal property in respect of which
it has made a loan or issued a loan guarantee or commence or join in any
action or proceeding to protect or enforce any right conferred upon it
by law or by contract 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 operate, maintain,

administer, pay the principal of and interest on any obligation incurred
in connection with such property, and otherwise deal with, such
property, in such manner as may be necessary or desirable to protect the
interest of the authority therein; and further with regard to loans and
loan guarantees made by the authority, it shall have the right to
require at the time of the making of the loan or issuance of the loan
guarantee, or at any time thereafter, in a form acceptable to it, a deed
to all rights and interest in the real or personal property as a
security interest, such deed to be termed a "deed in lieu of
foreclosure", and shall be empowered hereby to record such deed upon a
default in the payment or terms of any loan made by or guaranteed by the
authority, and to thereby transfer to the authority by such recording
both title and all rights of ownership in such property in accordance
with section eighteen hundred four-a of this article;

10. To enter into agreements to pay annual sums in lieu of taxes to
any municipality or taxing district of the state in respect of any real
property which is owned by the authority and located in such
municipality or taxing district, provided, however, that the amount so
paid for any year upon any such property shall not exceed the sum last
paid as taxes on such property to such municipality or taxing district
prior to the time of its acquisition by the authority;

11. To procure insurance against any loss in connection with loans or
with real and personal property or other assets of the authority of any
nature whatsoever in such amounts, and from such insurers, as it deems
desirable;

12. To consent to the modification of the time of payment of any
installment of principal or interest, the rate of interest (within the
limits prescribed by sections eighteen hundred sixteen and eighteen
hundred twenty-one), the security, or any other terms of any loan, loan
guarantee, loan commitment, contract or agreement of any kind to which
the authority is a party whenever it deems it necessary or desirable in
the fulfillment of the purposes of this title;

13. To encourage the organization of local development corporations
and to cooperate with such corporations in the formation of plans for
improving employment opportunities within their areas of operation;

13-a. To develop and annually update a five year strategic plan
setting forth the goals and objectives of the authority for each of the
next five years and annual operational targets that are designed to
ensure the efficient and effective use of the authority's resources in
meeting such goals and objectives. Such strategic plan shall also
include, but not be limited to, information as to the areas of the
state, if any, and the categories of project occupants or business
enterprises as described in section eighteen hundred twenty-seven of
this title, if any, where, and in regard to which, it will seek to
increase its lending activity, and information as to the steps which it
plans on taking to so direct its lending activity. In developing and
updating such strategic plan the authority shall utilize any area
employment opportunity improvement plans formulated in accordance with
subdivision thirteen of this section and such other information which it
deems appropriate. Such categories shall include but not be limited to
minority and women-owned businesses; firms located in economically
distressed rural and urban communities; firms employing displaced
workers or economically disadvantaged individuals, or participants in
job training programs for economically disadvantaged individuals or
displaced workers; or firms, including, but not limited to, cooperative
corporations, involved in acquiring existing businesses that the current
owners have proposed closing or have closed;

13-b. To adopt and, as necessary, revise criteria and methods to be
used by the authority and by local development corporations in
evaluating loan applications in accordance with the provisions of
section eighteen hundred twenty-six of this title and with such other
standards and procedures which it deems necessary and appropriate.

13-c. To adopt and, as necessary, revise criteria to be used in
determining the portion of the cost of individual projects which should
be financed by the authority. Such criteria shall encourage different
levels or degrees of financial assistance by the authority. Copies of
such criteria and methods shall be provided to all local development
corporations;

13-d. To require that any new employment opportunities created in
connection with industrial or commercial projects financed through loans
or loan guarantees from the authority shall be listed with the New York
state department of labor job service division and with the
administrative entity of the service delivery area created pursuant to
the federal job training partnership act (P.L. 97-300) in which the
project is located and shall first consider for such employment
opportunities persons eligible to participate in federal job training
partnership act programs who shall be referred to such firms by such
administrative entities or by the job service division of the department
of labor; provided, however, that nothing contained herein shall be
construed to require project occupants or business entities as defined
in section eighteen hundred twenty-seven of this title, to violate any
existing collective bargaining agreement with respect to the hiring of
new employees. Such listing shall be in a manner and form prescribed by
the authority in consultation with the commissioner of labor and the
commissioner of economic development.

13-e. To implement, on behalf of any local development corporation so
requesting, the responsibilities assigned to such corporation by
subdivision four of section eighteen hundred twenty-five of this title.

14. To cooperate and act in conjunction with any organization, public
or private, or federal or state agency the objects of which within any
area of the state are similar to the purposes of the authority;

15. To accept gifts, grants or loans from, and enter into contracts or
other transactions with, any federal or state agency, any municipality,
any private organization or any other source;

16. To engage the services of bond counsel, accountants or other
private consultants on a contract basis for rendering professional and
technical assistance and advice;

17. To procure insurance to secure the payment of principal and
interest on any bonds, notes or other obligations of the authority;

18. To do any and all things necessary or convenient to (a) carry out
its corporate purposes, (b) exercise the powers given and granted in
this title, and (c) further the goals and objectives and achieve the
operational targets set forth in the strategic plan adopted pursuant to
subdivision thirteen of this section.