Section 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.