N.Y. Pub. Auth. Law § 1840-D

Current through 2024 NY Law Chapter 457

Section 1840-D - General powers and duties of the authority

Subject to the other provisions of this title and the provisions of any contract with bondholders or noteholders, the authority shall have the following powers in addition to the powers specifically conferred upon the authority 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;

4.To make rules and regulations governing the exercise of its corporate powers and the fulfillment of its corporate purposes under this title, which rules and regulations shall be filed with the county clerks of each respective county;

5.To develop and make available to the public an annual economic development plan, in cooperation with the bi-county planning commission, which shall provide (i) information on the physical geography, population, labor force, natural and man-made resources, economic activities, and problems that restrict growth within the bi-county region; (ii) information on the planned goals of the authority, including any areas of the bi-county region where financial activity will be concentrated, or any categories of eligible business facilities where activity will be concentrated; and (iii) information for the continuing planning and development programs of the authority;

6.To make loans secured by loan agreements, mortgages, contracts and all other instruments necessary or convenient for the exercise of its corporate powers and the fulfillment of its corporate purposes under this title;

7.To acquire by purchase, grant, lease, gift, condemnation, or otherwise and to use, real or personal property or rights or easements therein necessary for its corporate purposes taking into consideration the local zoning and planning regulations as well as regional and local comprehensive land use plans, and to sell, convey, mortgage, lease, pledge, exchange or otherwise dispose of any such property in such manner as the authority shall determine;

8.To require the inclusion in any loan, lease, sale or other agreement in respect to a project such provisions as to the use of the project as the authority may deem necessary or desirable for the fulfillment of its corporate purposes;

9.To make and collect such fees and charges as the authority shall determine to be reasonable in connection with any loan, lease, sale or other agreement in respect to a project or any application or commitments therefor;

10.To sell at public or private sale, or pledge or assign, any mortgage or other obligation securing a loan made by the authority;

11.To borrow money, to issue bonds and notes, and to fund or refund the same pursuant to the provisions of sections eighteen hundred forty-e, eighteen hundred forty-g, and eighteen hundred forty-h of this title, and to provide for the rights of the holders of authority obligations.

12.To grant options to renew any lease with respect to any project and to grant options to buy any project at such price as the authority may deem desirable, provided that such purchase price at least equals any remaining principal or interest payments on outstanding obligations associated with the project.

13.To foreclose on any property in respect of which it has made a loan, lease, sale, or other agreement or commence or join in any action or proceeding to protect or enforce any right conferred upon it by law or by contract and to bid for and purchase such property at any foreclosure or at any other sale or acquire or take possession of any such property; and in such event the authority may operate, maintain, administer, pay the principal of and interest on any obligation incurred in connection with such property, and otherwise deal with, such property in such manner as may be necessary or desirable to protect the interest of the authority therein;

14.To enter into agreements to pay annual sums in lieu of taxes to any municipality or taxing district of the bi-county region in respect of any real property which is owned by the authority and located in such municipality or taxing district;

15.To provide financial assistance to eligible commercial facilities, only after such projects have been affirmatively recommended by the board of supervisors of Nassau county, the county legislature of Suffolk county, and the governing body of each city, town, and/or village in which the facility or any part thereof is, or will be located, provided, however, that such affirmative recommendation required shall not be provided until the authority has first:

(a)Filed a certified statement in the office of the clerk of any such municipality setting forth that, with respect to the geographical area reasonably influenced by the project, (i) there is a demonstrable need for the facility and (ii) there will result a maintenance or increase in employment after the completion of the facility; and

(b)Published a notice in one newspaper of general circulation within the bi-county region and within each city, town and/or village in which the facility or any part thereof is, or will be located, which notice shall state that the aforesaid certified statement has been filed at the office of the clerk and that a public hearing will be held to discuss such certified statement at a specified time and place on a date no less than seven nor more than thirty days after such publication; and

(c)Notified the chief executive officer of each municipality whose affirmation is required of the date and time of such public hearing; and

(d)Conducted a public hearing pursuant to the aforesaid notice; and

(e)Afforded any person an opportunity to present written comments on the certified statement within fifteen days after the date of such hearing. Each municipality required to affirmatively recommend such project shall, within forty-five days after the public hearing held in accordance with this subdivision, determine by resolution that the certified statement submitted by the authority has been reviewed to determine that the authority's findings are supported by fact. The failure of any such municipality to adopt a resolution in accordance with the provisions of this subdivision either approving or disapproving such facility within forty-five days of the conclusion such public hearing shall be deemed to be a negative recommendation by such municipality.

16.To procure insurance for the benefit of its officers and employees insuring against any loss for damage arising out of any act committed within the scope of their authority and against any loss in connection with any loan, lease, sale, or other agreement in respect to a project or with real and personal property or other assets of the authority of any nature whatsoever in such amounts, and from such insurers, as it deems desirable;

17.To consent to the modification of the time of payment of any installment of principal or interest, the rate of interest (within the limits prescribed by section eighteen hundred forty-m), to security, or any other terms of any mortgage, loan, loan commitment, lease, sale, contract or agreement of any kind to which the authority is a party whenever it deems it necessary or desirable in the fulfillment of the purposes of this title;

18.To encourage the organization of local development corporations and to cooperate with such corporations in the formation of plans for improving employment opportunities within their areas of operation;

19.To cooperate and act in conjunction with any organization, public or private, the objects of which within any area of the bi-county region are similar to the purposes of the authority;

20.To accept gifts, grants, loans or contributions from, and enter into contracts or other transactions with any federal or state agency, any municipality, any private organization or any other source;

21.To use, with the consent of the municipality and as otherwise permitted by law, agents, employees, and facilities of any municipality, paying the municipality its agreed proportion of the compensation or costs.

22.To engage the services of bond counsel, accountants or other private consultants on a contract basis for rendering professional and technical assistance and advice;

23.To do any and all things necessary or convenient to carry out its corporate purposes and exercise the powers given and granted in this title.

N.Y. Pub. Auth. Law § 1840-D