New York Laws
Title 33 - New York City Transitional Finance Authority
2799-EE - General Powers of the Authority.

§ 2799-ee. 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, or to refund the same, and to
provide for the rights of the holders of its obligations;

7. to accept gifts, grants, loans or contributions of funds or
financial or other aid in any form from the city, state or federal
government or any agency or instrumentality thereof, or from any other
source and for any of its corporate purposes in accordance with the
provisions of this title;

8. 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 obligations which may, from time to time, be legally
purchased by the city pursuant to section eleven of the general
municipal law;

9. to pledge all or any part of its revenues as security for the
payment of the principal of and interest on any bonds so issued and any
agreements made in connection therewith;

10. 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, subject to the provisions of the civil service
law, the rules of the civil service commission of the city, the New York
city collective bargaining law and applicable collective bargaining
agreements, and to retain or employ counsel, auditors and private
financial consultants on a contract basis or otherwise for rendering
professional or technical services and advice;

11. 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 of office space deemed necessary or desirable by the
authority.