Section 478. General powers and duties of fund

The fund shall have the
  following powers in addition to those specifically  conferred  elsewhere
  in this article:
    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. With the approval of the commissioner of finance  of  the  city  of
  Yonkers to prescribe a system of accounts;
    5.  To  make  rules  and  regulations  governing  the  exercise of its
  corporate powers and the fulfillment of  its  corporate  purposes  under
  this  article,  which  rules  and  regulations  shall  be filed with the
  secretary of state in the manner provided by section one hundred two  of
  the executive law;
    6.  With the approval of the board of education, to purchase, receive,
  lease or otherwise acquire  real  and  personal  property  necessary  or
  convenient for its corporate purposes;
    7. Subject to the terms and conditions of any lease, sublease or other
  agreement with the board of education, to possess, hold, use and improve
  real  and personal property acquired by or on behalf of the fund so long
  as its corporate existence shall continue;
    8. Upon a two-thirds vote of the trustees of the fund, and subject  to
  the  approval  of the board of education, to design, construct, acquire,
  reconstruct, rehabilitate and improve combined occupancy structures  and
  incidental  or  appurtenant facilities thereto, or cause such structures
  and facilities to be  designed,  constructed,  acquired,  reconstructed,
  rehabilitated  and  improved  in  accordance with the provisions of this
  article;
    9.  In  connection  with  such  design,   construction,   acquisition,
  reconstruction,  rehabilitation  and improvement, to install or cause to
  be installed water, sewer,  gas,  electrical,  telephone,  heating,  air
  conditioning   and   other   utility   services,  including  appropriate
  connections;
    10. Subject to the terms and conditions  of  any  lease,  sublease  or
  other  agreement  with  the  board of education, to maintain, repair and
  keep up the  real  property  held  by  it  and  all  combined  occupancy
  structures   and   facilities   constructed,   acquired,  reconstructed,
  rehabilitated or improved pursuant to this article;
    11. Subject to the terms and conditions  of  any  lease,  sublease  or
  other agreement with third parties and to the determination of the board
  of  education  that such real property is unnecessary for the present or
  foreseeable future school building needs of  the  city  of  Yonkers,  to
  surrender  to the appropriate city official, for other public use or for
  sale, lease or other disposition in accordance with law,  real  property
  held by the fund for its corporate purposes;
    12.  Subject to the approval of the corporation counsel as to form, to
  make and execute contracts, leases, subleases, and all other instruments
  or agreements necessary or convenient for the exercise of its  corporate
  powers and the fulfillment of its corporate purposes under this article;
  the  term  of any such lease or sublease or renewal thereof shall not be
  limited by any provision of any general, special or local law or charter
  applicable to the city of Yonkers or to the board of  education  of  the
  city of Yonkers;
    13.  To  procure  insurance  against  any  loss in connection with its
  property and other assets in such amounts and from such insurers  as  it
  deems desirable;
    14.  With  the  consent  of  the board of education to use the agents,
  employees and facilities of the board;

    15.   To   engage   the   services   of   construction,   engineering,
  architectural,   legal   and   financial   consultants,   surveyors  and
  appraisers, on a  contract  basis  or  as  employees,  for  professional
  service and technical assistance and advice;
    16.  To  assist  generally, the public works department of the city of
  Yonkers in making land  surveys,  topographical  surveys  and  valuation
  appraisals  of  real  property  sought  to  be  acquired by the board of
  education of the city of Yonkers;
    17. To borrow  money  and  issue  negotiable  notes,  bonds  or  other
  obligations and to provide for the rights of the holders thereof;
    18.  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 fund, in obligations of the city, the state or the United States
  government or obligations  the  principal  and  interest  of  which  are
  guaranteed by the city, the state or the United States government;
    19.  To  accept  any gifts or grants or loans of funds and property or
  financial or other aid in any form from the federal  government  or  any
  agency  or  instrumentality  thereof or from the state or from any other
  source and to comply, subject to the provisions of  this  article,  with
  the terms and conditions thereof;
    20.  At the request or with the approval of the board of education, to
  grant, sell, lease or  otherwise  transfer  without  public  auction  or
  bidding any real property or any rights or interests therein or thereto,
  including  fee interests, easements, space rights or air rights, held by
  it and occupied or reserved for school purposes and needed therefor,  to
  a  private  individual  or  private  or  public  corporation  solely and
  exclusively for the purpose of developing and  constructing  therein  or
  thereon  a  combined  occupancy structure, or a part or portion thereof,
  within the meaning of this article subject to a  prior  and  enforceable
  agreement  approved  by  the  board  of  education for the reconveyance,
  retransfer or lease back of the school portion thereof, upon completion,
  for use and occupancy by the said board of education; provided, however,
  that no such sale, lease or transfer  of  lands  or  rights  therein  or
  thereto  is  authorized  where  the  development of a combined occupancy
  structure  contemplates  the  erection  of   nonschool   facilities   or
  improvements  over an existing school or playground unless such combined
  occupancy structure to be constructed over such playground shall provide
  playground area at least equal in size to the then  existing  playground
  area;
    21.  At the request or with the approval of the board of education, to
  contract with the owner or  other  developer  of  a  combined  occupancy
  structure  for  the purchase or lease of the school portion thereof upon
  completion for use and occupancy by the board of education of  the  city
  of Yonkers;
    22.  To  grant,  sell,  lease, sublease or otherwise convey the school
  portion of combined occupancy structures to the city of Yonkers for  use
  and occupancy by the board of education of the city of Yonkers; and
    23.  To do any and all things necessary or convenient to carry out its
  corporate purposes and exercise the powers given and granted  to  it  in
  this article.