New York Laws
Title 1 - Nassau County Interim Finance Authority
3654 - General Powers of the Authority.

§ 3654. 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 bonds;

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

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

9. to enter into interest rate exchange or similar arrangements with
any person under such terms and conditions as the authority may
determine, not inconsistent with the general laws of this state and
other provisions of this title, including, without limitation,
provisions as to default or early termination and indemnification by the
authority or any other party thereto for loss of benefits as a result
thereof; provided, however, that such exchanges or similar arrangements
shall be limited to fifty percent of the amount authorized in
subdivision one of section thirty-six hundred fifty-six of this article
to pay the financeable costs described in paragraph (a) of subdivision
eleven of section thirty-six hundred fifty-one of this article;

10. to procure insurance, letters of credit or other credit
enhancement with respect to arrangements described in subdivision nine
of this section;

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

12. subject to the provisions of any contract with bondholders, 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 (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, whether negotiable or non-negotiable, and
banker's acceptances of any of the fifty largest banks in the United
States which bank, at the time of investment, has an outstanding
unsecured, uninsured and unguaranteed debt issue ranked in either of the
two highest rating categories of two nationally recognized independent
rating agencies, (d) commercial paper of any bank or corporation created
under the laws of either the United States or any state of the United
States which commercial paper, at the time of the investment, has

received the highest rating of two nationally recognized independent
rating agencies, (e) bonds, debentures, or other evidences of
indebtedness, issued or guaranteed at the time of the investment by the
federal national mortgage association, federal home loan mortgage
corporation, student loan marketing association, federal farm credit
system, or any other United States government sponsored agency, provided
that at the time of the investment such agency receives, or its
obligations receive, any of the three highest rating categories of two
nationally recognized independent rating agencies, (f) any bonds or
other obligations of any state or the United States of America or of any
political subdivision thereof or any agency, instrumentality or local
governmental unit of any such state or political subdivision which bonds
or other obligations, at the time of the investment, have received any
of the three highest ratings of two nationally recognized independent
rating agencies, (g) any repurchase agreement with any bank or trust
company organized under the laws of any state of the United States of
America or any national banking association or government bond dealer
reporting to, trading with, and recognized as a primary dealer by the
Federal Reserve Bank of New York, which agreement is secured by any one
or more of the securities described in paragraph (a), (b) or (e) of this
subdivision which securities shall at all times have a market value of
not less than the full amount of the repurchase agreement and be
delivered to another bank or trust company organized under the laws of
New York State or any national banking association domiciled in New York
State, as custodian, and (h) reverse repurchase agreements with any bank
or trust company organized under the laws of any state of the United
States of America or any national banking association or government bond
dealer reporting to, trading with, and recognized as a primary dealer by
the Federal Reserve Bank of New York, which agreement is secured by any
one or more of the securities described in paragraph (a), (b) or (e) of
this subdivision which securities shall at all times have a market value
of not less than the full amount of the repurchase agreement and be
delivered to another bank or trust company organized under the laws of
New York State or any national banking association domiciled in New York
State, as custodian.

13. 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 and
private financial consultants and other services on a contract basis or
otherwise for rendering professional, business or technical services and
advice; and, in taking such actions, the authority shall consider the
financial impact on the county; and

14. 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 or sublease of office space deemed necessary or desirable
by the authority.