Section 2434. Powers of the agency  


Latest version.
  • Except as otherwise limited by this
      title, the agency shall have power:
        (1) To sue and be sued;
        (2) To have a seal and alter the same at pleasure;
        (3) To make and execute contracts and all other instruments  necessary
      or  convenient  for  the exercise of its powers and functions under this
      title, including, without  limitation,  any  special  program  agreement
      entered  into  pursuant to the provisions of section twenty-four hundred
      thirty-five-a of this title, any purchase  and  sale  agreement  entered
      into   pursuant   to  the  provisions  of  section  twenty-four  hundred
      thirty-five-b of this title  and  any  special  school  deficit  program
      agreement   entered   into   pursuant  to  section  twenty-four  hundred
      thirty-five-e of this title;
        (4) To make and  alter  by-laws  for  its  organization  and  internal
      management;
        (5) To acquire, hold and dispose of real and personal property for its
      corporate purposes;
        (5-a)  To  establish, create or otherwise form and control one or more
      trusts or other single purpose entities to facilitate  the  purchase  of
      tax liens and the issuance of tax lien collateralized securities;
        (6)  To appoint officers, agents and employees, prescribe their duties
      and qualifications and fix their compensation;
        (7)  To  acquire,  and  contract   to   acquire,   bonds   issued   by
      municipalities  and  to enter into advance commitments to municipalities
      for the purchase of said bonds, all subject to the provisions of section
      two thousand four hundred thirty-five of this title;
        (7-a) To acquire, and contract to acquire, tax liens and to enter into
      advance commitments with a municipality for the  purchase  of  such  tax
      liens,  all  subject  to  the  provisions of section twenty-four hundred
      thirty-five-b of this title;
        (8) Subject to any  agreement  with  bondholders  or  noteholders,  to
      invest   moneys  of  the  agency  not  required  for  immediate  use  or
      disbursement, including proceeds from the sale of any bonds or notes, in
      (a) obligations of the state  or  the  United  States  of  America,  (b)
      obligations the principal of and interest on which are guaranteed by the
      state or by the United States of America or an agency or instrumentality
      of  the  United  States  of  America,  (c)  obligations  of  agencies or
      instrumentalities of the  United  States  of  America  or  (d)  interest
      bearing time deposits of banks or trust companies secured by obligations
      described  in  clauses  (a),  (b)  or  (c)  of  this  subdivision  or by
      obligations of agencies or instrumentalities of the state;
        (9) Subject to any  agreement  with  bondholders  or  noteholders,  to
      purchase  bonds  or  notes  of  the  agency,  which  shall  thereupon be
      cancelled, at a price not exceeding (a) if the bonds or notes  are  then
      redeemable,  the  redemption price then applicable plus accrued interest
      to the next interest payment date thereon, or (b) if the bonds or  notes
      are  not  then  redeemable, the redemption price applicable on the first
      date after such purchase upon which the notes or bonds become subject to
      redemption plus accrued interest to said date;
        (10) To borrow money and to issue negotiable bonds and  notes  and  to
      provide for and secure the payment thereof and to provide for the rights
      of the holders thereof;
        (11)  To  make  and  execute  contracts for the servicing of municipal
      bonds acquired by the  agency  pursuant  to  this  title,  and  for  the
      servicing   of   special  program  agreements,  special  school  purpose
      agreements and special school deficit program agreements, and to pay the
      reasonable value of services rendered to the agency  pursuant  to  those
      contracts;
    
        (11-a)  To  make  and  execute  contracts  for  professional  services
      including, but  not  limited  to,  attorneys,  financial  advisors,  due
      diligence  providers  and  other  professional  services  related to the
      servicing of tax liens acquired by the agency or  its  tax  lien  entity
      pursuant  to  this title, and for the servicing of tax lien purchase and
      sale agreements, and to pay the reasonable value of services rendered to
      the agency or its tax lien entity pursuant to those contracts;
        (12) To contract with the New York State  housing  finance  agency  to
      render  such  services as the agency may deem appropriate, including but
      not limited to the use of the premises, personnel and personal  property
      of  the New York State housing finance agency, and to pay the reasonable
      costs thereof and provide for the reimbursement to the  New  York  state
      housing  finance agency for any expenses necessarily incurred by the New
      York state housing financing agency in carrying out the  terms  of  such
      contract. Any such contract shall be subject to the separate approval of
      the director of the budget;
        (13)  To  contract  for  and to accept any gifts or grants or loans of
      funds or property or financial or other aid in any form from the federal
      government or any agency or instrumentality thereof, or from  the  state
      or  any  agency or instrumentality thereof, or from any other source and
      to comply, subject to the provisions of this title, with the  terms  and
      conditions thereof;
        (14)  To acquire, hold, use and dispose of its income, revenues, funds
      and moneys;
        (15) To fix, revise, from time to time, charge and collect  such  fees
      and  charges, including but not limited to reimbursement of all costs of
      financing by the agency and its tax lien entity, and service charges, as
      the agency shall determine to be reasonable;
        (16) Subject to any agreement with bondholders or noteholders, consent
      to the modification with respect to rate or rates of interest,  time  of
      payment  of  any  installment  of principal or interest, security or any
      other term of any municipal bond of which it is the holder,  or  of  any
      contract or agreement of any kind to which it is a party;
        (16-a) Subject to any agreement with the holders or owners of tax lien
      collateralized  securities,  consent to the modification with respect to
      the time of payment, interest or penalties of a tax lien  owned  by  the
      agency  or its tax lien entity, or of any other contract or agreement to
      which it is a party;
        (17) To establish  any  terms  and  provisions  with  respect  to  any
      purchase of municipal bonds by the agency, including date and maturities
      of  the bonds, provisions as to redemption or payment prior to maturity,
      and any other matters which are necessary, desirable or advisable in the
      judgment of the agency;
        (17-a) To establish any terms  and  provisions  with  respect  to  any
      purchase  of  tax  liens by the agency or its tax lien entity, including
      the sale date  and,  subject  to  terms  of  the  tax  liens  purchased,
      provisions  as  to  redemption or payment prior to the stated redemption
      date, and any other matters which are necessary, desirable or  advisable
      in the judgment of the agency;
        (18) To establish any terms and provisions with respect to any special
      program  agreement,  special  school purpose agreement or special school
      deficit program agreement, including any  terms  for  payment,  and  any
      other  matters  which  are  necessary,  desirable  or  advisable  in the
      judgment of the agency;
        (18-a) To establish any terms and provisions with respect to  any  tax
      lien  purchase  and sale agreement, including any terms for payment, and
      any other matters which are necessary, desirable  or  advisable  in  the
      judgment of the agency;
    
        (19) To certify to the comptroller the need for diversion of state aid
      payable  to  any municipality in default on its bonds or failing to make
      the required appropriation for interest and principal on any bonds  held
      by  the agency pursuant to the provisions of section twenty-four hundred
      thirty-six of this title;
        (20) To certify to the comptroller the need for diversion of state aid
      payable  to any special program municipality failing to make a scheduled
      payment to or for the account of the  agency  under  a  special  program
      agreement  entered  into  by  the  agency  for  the purpose described in
      paragraph  (a)  of  subdivision  one  of  section  twenty-four   hundred
      thirty-five-a of this title;
        (21)  To  pledge or assign, as security for any of its bonds or notes,
      any moneys, funds, municipal bonds, special program agreements,  special
      school purpose agreements, or special school deficit program agreements,
      assets  or  revenues  of  the agency, including, without limitation, any
      state aid or school aid  received  or  receivable  pursuant  to  section
      twenty-four hundred thirty-six of this title;
        * (21-a)  To  certify  to  the  comptroller  the need for diversion of
      school aid payable to any special program municipality failing to make a
      scheduled payment to or for the account of the agency  under  a  special
      program  agreement  entered into by the agency for the purpose described
      in paragraph (b) of  subdivision  one  of  section  twenty-four  hundred
      thirty-five-a of this title;
        * NB There are 2 sub (21-a)'s
        * (21-a)   To   pledge   or  assign  as  security  for  any  tax  lien
      collateralized  securities  any  tax  liens,  moneys,  funds,  tax  lien
      purchase and sale agreements, assets or revenue of the agency or its tax
      lien entity;
        * NB There are 2 sub (21-a)'s
        (21-b)  To certify to the comptroller, with a copy to the commissioner
      of education, the  amounts  required  with  respect  to  special  school
      purpose  bonds as described in section twenty-four hundred thirty-five-d
      of this title.
        (21-c) To certify to the comptroller, with a copy to the  commissioner
      of  education, the need for diversion of school aid payable to a special
      school deficit program district to make a scheduled payment  to  or  for
      the  account  of  the  agency  under  a  special  school deficit program
      agreement entered into by the agency  pursuant  to  section  twenty-four
      hundred thirty-five-e of this title.
        (22) To do any and all things necessary or convenient to carry out its
      purposes and exercise powers given and granted in this title.