Section 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.