Section 1265. General powers of the authority

Except as otherwise limited
  by this title, the authority shall have power:
    1. To sue and be sued;
    2. To have a seal and alter the same at pleasure;
    3. To  borrow  money,  to  issue  negotiable  notes,  bonds  or  other
  obligations and to provide for the rights of the holders thereof, and to
  finance or refinance all or any part of the costs to the authority or to
  any  other person or entity, public or private, of the planning, design,
  acquisition, construction, improvement, reconstruction or rehabilitation
  of any transportation facility;
    4. To invest any funds, accounts or  other  monies  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  of
  banks  or trust companies in this state, secured, if the authority shall
  so require, by obligations of the United States or of the state  of  New
  York  of a market value equal at all times to the amount of the deposit,
  (d) banker's acceptances with a maturity of ninety days  or  less  which
  are  eligible for purchase by the Federal Reserve Banks and whose rating
  at the time of purchase  is  in  the  highest  rating  category  of  two
  nationally  recognized  independent  rating agencies, provided, however,
  that the amount of banker's acceptances of any one bank shall not exceed
  two hundred fifty million  dollars,  (e)  obligations  of  any  bank  or
  corporation  created  under  the laws of either the United States or any
  state of the United States maturing within  two  hundred  seventy  days,
  provided  that  such  obligations  receive  the  highest  rating  of two
  nationally recognized independent rating agencies and, provided further,
  that no more than two hundred fifty million dollars may be  invested  in
  such  obligations  of  any  one  bank or corporation, (f) as to any such
  moneys held in reserve and sinking funds, other securities in which  the
  trustee  or trustees of any public retirement system or pension fund has
  the power to invest the monies thereof pursuant to article four-a of the
  retirement and social security law, each such reserve and  sinking  fund
  being  treated  as a separate fund for the purposes of article four-a of
  the retirement and social security law, (g)  notes,  bonds,  debentures,
  mortgages  and  other evidences of indebtedness, issued or guaranteed at
  the time of the investment by the  United  States  Postal  Service,  the
  federal  national  mortgage  association, the federal home loan mortgage
  corporation, the student loan marketing association,  the  federal  farm
  credit  system,  or any other United States government sponsored agency,
  provided that  at  the  time  of  the  investment  such  agency  or  its
  obligations  are  rated  and  the  agency  receives,  or its obligations
  receive, the highest rating of all independent rating agencies that rate
  such agency or its obligations, provided, however, that no more than two
  hundred  fifty  million  dollars  or  such  greater  amount  as  may  be
  authorized   for   investment  for  the  state  comptroller  by  section
  ninety-three of the state finance law may be invested in the obligations
  of any one agency, (h) general obligation bonds and notes of  any  state
  other  than  the  state,  provided that such bonds and notes receive the
  highest rating of at least one independent rating agency, and bonds  and
  notes  of  any  county,  town,  city,  village,  fire district or school
  district of the state, provided that such bonds and notes receive either
  of the two highest ratings of at least two independent rating  agencies,
  (i)  mutual  funds  registered  with  the  United  States securities and
  exchange commission whose investments are limited to obligations of  the
  state  described  in  paragraph (a) of this subdivision, obligations the
  principal and interest of which are guaranteed by the state described in

  paragraph (b) of this subdivision, and  those  securities  described  in
  paragraph  (h)  of  this  subdivision and that have received the highest
  rating of at least one independent  rating  agency,  provided  that  the
  aggregate amount invested at any one time in all such mutual funds shall
  not  exceed  ten  million  dollars,  and,  provided  further,  that  the
  authority shall not invest such funds, accounts or other monies  in  any
  mutual  fund for longer than thirty days, and (j) financial contracts in
  a foreign currency entered  into  for  the  purpose  of  minimizing  the
  foreign  currency exchange risk of the purchase price of a contract with
  a vendor chosen through  competitive  process  for  the  acquisition  of
  capital  assets for the benefit of the capital program of the Triborough
  bridge and tunnel authority or  either  the  transit  or  transportation
  capital programs;
    5.  To  make  and  alter  by-laws  for  its  organization and internal
  management, and rules and regulations  governing  the  exercise  of  its
  powers and the fulfillment of its purposes under this title;
    6.  (a)  To  enter  into  contracts  and  leases  and  to  execute all
  instruments necessary or convenient;
    (b) With respect to any lease transaction  entered  into  pursuant  to
  section  168  (f)  (8) of the United States internal revenue code or any
  successor provisions, the authority shall meet the  following  standards
  and procedures:
    (i)  notice  of  intention to negotiate shall be published in at least
  one newspaper of general circulation, and a copy thereof shall be mailed
  to all parties who have requested notification  from  the  authority  to
  engage  in  transactions  of  this  type. Such notice shall describe the
  nature  of  the  proposed  transaction  and  the  factors   subject   to
  negotiation, which shall include, but not be limited to, the price to be
  paid to the authority;
    (ii)  the  authority  shall  negotiate  with  those  respondents whose
  response complies with the requirements set forth in the notice;
    (iii) the board of  the  authority  shall  resolve  on  the  basis  of
  particularized  findings  relevant  to  the factors negotiated that such
  transaction  will  provide   maximum   available   financial   benefits,
  consistent with other defined objectives and requirements.
    (c)  The  authority  shall  provide  to  the  governor,  the temporary
  president of the senate, the  speaker  of  the  assembly,  the  minority
  leader  of the senate and the minority leader of the assembly, notice of
  each lease entered into pursuant to paragraph (b)  of  this  subdivision
  and  supporting  documentation  of  compliance  by  the  authority  with
  subparagraphs (i), (ii) and (iii) of paragraph (b) of this subdivision;
    (d) Paragraphs (b) and (c) of this subdivision shall be  of  no  force
  and  effect  with respect to any lease transaction entered into pursuant
  to a commitment  approved  prior  to  January  first,  nineteen  hundred
  eighty-five by the board of the authority.
    7.  To  acquire,  hold and dispose of real or personal property in the
  exercise of its powers;
    8. 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, engineers and private consultants on a contract basis
  or  otherwise  for  rendering  professional  or  technical  services and
  advice;
    9. (a) Notwithstanding section one hundred thirteen of the  retirement
  and  social  security  law  or  any  other  general  or special law, the
  authority and any of its subsidiary corporations may continue or provide
  to its affected officers and employees any retirement, disability, death
  or other benefits provided or required for railroad  personnel  pursuant

  to  federal  or  state  law. Notwithstanding any provisions of the civil
  service law, no officer or employee of a subsidiary corporation  of  the
  authority,  other than a public benefit subsidiary corporation, shall be
  a public officer or a public employee;
    (b)   The   authority   and  any  of  its  public  benefit  subsidiary
  corporations may be a "participating employer" in  the  New  York  state
  employees'  retirement  system  with  respect  to one or more classes of
  officers and employees of such authority  or  any  such  public  benefit
  subsidiary  corporation,  as  may  be  provided  by  resolution  of such
  authority or any such public benefit subsidiary corporation, as the case
  may be, or any subsequent amendment thereof, filed with the  comptroller
  and accepted by him pursuant to section thirty-one of the retirement and
  social  security  law.  In  taking any action pursuant to this paragraph
  (b), the authority and any of its public benefit subsidiary corporations
  shall consider the coverages and benefits continued or provided pursuant
  to paragraph (a) of this subdivision;
    10. To make plans,  surveys,  and  studies  necessary,  convenient  or
  desirable  to  the  effectuation  of  the  purposes  and  powers  of the
  authority and to prepare recommendations in regard thereto;
    11. To enter upon such lands, waters or premises as in the judgment of
  the authority may be necessary, convenient or desirable for the  purpose
  of making surveys, soundings, borings and examinations to accomplish any
  purpose  authorized by this title, the authority being liable for actual
  damage done;
    12. The authority may  conduct  investigations  and  hearings  in  the
  furtherance  of  its general purposes, and in aid thereof have access to
  any books, records or papers relevant thereto; and if any  person  whose
  testimony  shall be required for the proper performance of the duties of
  the authority shall fail or refuse to aid or assist the authority in the
  conduct of any investigation or hearing,  or  to  produce  any  relevant
  books, records or other papers, the authority is authorized to apply for
  process  of  subpoena,  to  issue  out  of any court of general original
  jurisdiction whose process can reach such person, upon due cause shown;
    13. A copy of any  report  submitted  by  the  authority  pursuant  to
  sections twenty-eight hundred, twenty-eight hundred one and twenty-eight
  hundred  two of this chapter shall be forwarded to the mayor of the city
  of New York and to the chairman of the board of supervisors and  to  the
  county executive, if any, of each county within the district.
    14.  To  do all things necessary, convenient or desirable to carry out
  its purposes and for the exercise of the powers granted in this title.