New York Laws
Title 4 - New York Local Government Assistance Coporation
3235 - General Powers of the Corporation.

§ 3235. General powers of the corporation. The corporation shall have
the following powers in addition to those specially conferred 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 and, subject to agreements with bondholders or noteholders,
to make rules and regulations governing the use of its property and
facilities;

4. to make and execute contracts, leases, subleases and all other
instruments or agreements necessary or convenient for the exercise of
its powers and functions under this title;

5. to purchase real or personal property necessary and convenient for
its purposes; to execute and deliver deeds for real property held in its
own name; and to sell or otherwise to dispose of such real or personal
property that, in the judgment of the corporation, is no longer
necessary for its corporate purposes;

6. to appoint officers, agents and employees, prescribe their duties
and qualifications and fix their compensations subject to the provisions
of the civil service law and any applicable collective bargaining
agreement;

7. to commence any action to protect or enforce any right conferred
upon it by any law, contract or other agreement;

8. to make payments to local governments in such amounts as are
provided for by this title;

9. to borrow money and, in accordance with section three thousand two
hundred thirty-six of this title, to issue bonds or notes or other
obligations in respect of amounts borrowed and to fund or refund the
same, and to provide for the rights of the holders of its obligations
subject to provisions of this title;

10. subject to the provisions of any contract with bondholders or
noteholders, 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 corporation, in obligations in which the comptroller
is authorized to invest pursuant to section ninety-eight-a of the state
finance law;

11. subject to the provisions of any contract with bondholders or
noteholders, to purchase bonds or notes of the corporation;

12. to procure insurance in such amounts and from such insurers as it
deems desirable;

13. to engage the services of consultants on a contract basis for
rendering professional and technical assistance and advice;

14. to receive and accept, and 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, the state or any agency or instrumentality thereof, or from any
other source and to comply with the terms and conditions thereof;

15. as security for the payment of the principal of and interest on
any bonds or notes issued by it pursuant to this title and any
agreements made in connection therewith and for its obligations under
bond or note facilities to pledge all or any part of its revenues or
assets;

16. to procure insurance, letters of credit or other credit
enhancement with respect to its bonds or notes issued pursuant to this
title, or facilities for the payment of tenders of such bonds or notes
or facilities for the payment upon maturity of short-term notes not
renewed;

17. to adopt, amend or rescind rules and regulations appropriate to
its corporate purposes and to enter into agreements and otherwise 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.