New York Laws
Title 18 - State of New York Municipal Bond Bank Agency Act
2434 - Powers of the Agency.

(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.