Section 1974. Powers of the authority

The authority shall have power:
    1. To sue and be sued;
    2. To have a seal and alter the same at pleasure;
    3.  To acquire, lease, hold, mortgage and dispose of real property and
  personal property or any interest therein for its corporate purposes;
    4. To acquire, construct, improve, enlarge,  operate  and  maintain  a
  project  within  the  project  area  as  defined  herein  and  all other
  structures, appurtenances and  facilities  necessary  or  convenient  in
  connection   therewith,   provided,  however,  that  all  contracts  for
  construction let by the authority shall be let in  conformity  with  the
  provisions  of section one hundred thirty-five of the state finance law,
  except that contracts  for  construction  let  by  subsidiaries  of  the
  authority  shall be governed instead by the applicable provisions of the
  private housing finance law;
    5.  To  appoint  officers,  agents  and  employees,  prescribe   their
  qualifications and duties and fix their compensation;
    6.  To  make by-laws for the management and regulation of its affairs,
  and, subject to agreements with bondholders, for the regulation  of  the
  projects;
    7.  With  the  consent  of  the  city  to  use  agents,  employees and
  facilities of the city, paying to the city its agreed proportion of  the
  compensation or cost;
    8.  To  make  contracts  and  to  execute  all necessary or convenient
  instruments, including leases and subleases, evidences of  indebtedness,
  negotiable or non-negotiable;
    9.  To  engage  the  services  of  consultants on a contract basis for
  rendering professional and technical assistance and advice;
    10. To accept grants, loans or contributions from the  United  States,
  or  the  state  or  the city, or any agency or instrumentality of any of
  them, or from any other source  and  to  expend  the  proceeds  for  any
  corporate purpose;
    11.  To  fix,  establish  and  collect  rates, rentals, fees and other
  charges for the use of the project, subject to and  in  accordance  with
  such  agreements  with  bondholders  and  noteholders  as may be made as
  hereinafter provided;
    12. To  create  subsidiaries  pursuant  to  section  nineteen  hundred
  seventy-four-a of this title;
    13.  To  lend  or  donate monies, whether secured or unsecured, to any
  subsidiary, and to purchase, sell or pledge the shares, bonds  or  other
  obligations  or  securities thereof, on such terms and conditions as the
  authority may deem advisable;
    14. To make loans secured by a first mortgage, and to  make  temporary
  loans  or  advances, to any housing company organized to provide housing
  within the Battery Park city project area pursuant to and subject to the
  provisions of article two, article four or article eleven of the private
  housing finance law, including any subsidiary of the authority,  and  to
  undertake  commitments  therefor.  Any  such  commitments  or  loans may
  contain such terms and conditions not inconsistent with  the  provisions
  of this title as the authority may deem necessary or desirable to secure
  repayment  of  its loan, the interest, if any, thereon and other charges
  in connection therewith;
    15. Subject to the provisions of  any  contract  with  noteholders  or
  bondholders,  to  sell, at public or private sale, any mortgage or other
  security for a mortgage loan made by the authority;
    16. In connection with the making of mortgage  loans  and  commitments
  therefor,  to  make, fix or establish and collect such fees and charges,
  including but not limited to reimbursement of all costs of financing  by
  the  authority, service charges and insurance premiums, as the authority

  shall determine to be  reasonable  subject  to  the  provisions  of  any
  contract with noteholders or bondholders;
    17.  To procure or agree to the procurement of insurance or guarantees
  from the federal government of  the  payment  of  any  bonds  or  notes,
  mortgages or any other evidences of indebtedness issued by the authority
  or  its  subsidiaries,  including  the power to pay premiums on any such
  insurance;
    18. Subject to the provisions of  any  contract  with  noteholders  or
  bondholders,  to  consent  to  the modification, with respect to rate of
  interest, time of payment of any installment of principal  or  interest,
  security  or  any  other  term, of any mortgage, mortgage loan, mortgage
  loan commitment,  contract  or  agreement  of  any  kind  to  which  the
  authority is a party;
    19.  In connection with any property on which the authority has made a
  mortgage loan, to foreclose on any such property or commence any  action
  to protect or enforce any right conferred upon the authority by any law,
  mortgage,  contract or other agreement, 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
  complete,  administer,  pay  the  principal  of  and  interest  on   any
  obligations  incurred  in connection with such property, and dispose of,
  and otherwise deal with,  such  property,  in  such  manner  as  may  be
  necessary  or  desirable  to  protect  the  interests  of  the authority
  therein;
    20. To manage any project, whether or not then owned or leased by  the
  authority,   and  to  enter  into  agreements  with  the  state  or  any
  municipality or any agency  or  instrumentality  thereof,  or  with  any
  person,  firm, partnership or corporation, either public or private, for
  the purpose of causing any project to be managed;
    21. To procure insurance against  any  loss  in  connection  with  its
  property  and  other assets and operations in such amounts and from such
  insurers as it deems desirable;
    22. Notwithstanding the provisions of this title or of any other  law,
  general,  special  or  local, whenever the authority shall find that the
  maximum rentals charged tenants of the dwellings in any project financed
  by the authority in whole or in part shall not be  sufficient,  together
  with all other income of the mortgagor, to meet within reasonable limits
  all  necessary  payments  to  be  made  by the mortgagor of all expenses
  including fixed charges,  sinking  funds,  reserves  and  dividends,  to
  request  the  mortgagor  to make application to vary the rental rate for
  such dwellings so as to secure sufficient income, and  upon  failure  of
  the  mortgagor  to  take  such action within sixty days after receipt of
  written request from the authority to do so, to vary such rental rate by
  action of the authority.
    23. To do all things necessary or convenient to carry out  the  powers
  expressly given in this title.
    24.  To  borrow  money  and  issue  negotiable  bonds,  notes or other
  obligations and to provide for the rights of the holders thereof;
    25. To carry out its powers and responsibilities with respect  to  the
  chapter  of  the  laws  of  nineteen  hundred  ninety which enacted this
  subdivision.