New York Laws
Title 3 - Erie County Fiscal Stability Authority
3954 - General Powers of the Authority.

§ 3954. 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, notes or other obligations, or to
refund the same, and to provide for the rights of the holders of its
bonds, notes or other obligations;

7. as security for the payment of the principal of and interest on any
bonds, notes or other obligations 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, notes or other obligations, or facilities for
the payment of tenders of such bonds, notes or other obligations 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 twenty-five percent of the amount authorized in
subdivision one of section thirty-nine hundred sixty-two of this title
to pay the financeable costs described in paragraph (a), (b), (d) or (e)
of subdivision thirteen of section thirty-nine hundred fifty-one of this
title;

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 in
respect of escrow accounts to secure bonds that have been refunded or
debt service funds in which revenues are deposited to secure bonds,
notes or other indebtedness issued under this act, 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 by two nationally recognized independent rating
agencies at a rating category that is no lower than the then current
rating of the authority's bonds, notes or other obligations, (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 the state or any
national banking association domiciled in the 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 the state or any
national banking association domiciled in the 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.

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.