Section 1840-D. General powers and duties of the authority

Subject to the
  other provisions of this title and the provisions of any  contract  with
  bondholders  or  noteholders,  the  authority  shall  have the following
  powers in  addition  to  the  powers  specifically  conferred  upon  the
  authority elsewhere in this title:
    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 internal
  management;
    4. To make  rules  and  regulations  governing  the  exercise  of  its
  corporate  powers  and  the  fulfillment of its corporate purposes under
  this title, which rules and regulations shall be filed with  the  county
  clerks of each respective county;
    5.  To  develop  and  make  available to the public an annual economic
  development plan, in cooperation with the bi-county planning commission,
  which  shall  provide  (i)  information  on  the   physical   geography,
  population,  labor  force,  natural  and  man-made  resources,  economic
  activities, and problems  that  restrict  growth  within  the  bi-county
  region;  (ii)  information  on  the  planned  goals  of  the  authority,
  including any areas of the bi-county  region  where  financial  activity
  will  be concentrated, or any categories of eligible business facilities
  where activity will be  concentrated;  and  (iii)  information  for  the
  continuing planning and development programs of the authority;
    6.  To make loans secured by loan agreements, mortgages, contracts and
  all other instruments necessary or convenient for the  exercise  of  its
  corporate  powers  and  the  fulfillment of its corporate purposes under
  this title;
    7. To acquire  by  purchase,  grant,  lease,  gift,  condemnation,  or
  otherwise  and  to use, real or personal property or rights or easements
  therein necessary for its corporate purposes taking  into  consideration
  the  local zoning and planning regulations as well as regional and local
  comprehensive land use plans, and  to  sell,  convey,  mortgage,  lease,
  pledge,  exchange  or  otherwise  dispose  of  any such property in such
  manner as the authority shall determine;
    8. To require  the  inclusion  in  any  loan,  lease,  sale  or  other
  agreement  in  respect to a project such provisions as to the use of the
  project as the  authority  may  deem  necessary  or  desirable  for  the
  fulfillment of its corporate purposes;
    9.  To  make  and collect such fees and charges as the authority shall
  determine to be reasonable in connection with any loan, lease,  sale  or
  other   agreement  in  respect  to  a  project  or  any  application  or
  commitments therefor;
    10. To sell at public or  private  sale,  or  pledge  or  assign,  any
  mortgage or other obligation securing a loan made by the authority;
    11.  To  borrow money, to issue bonds and notes, and to fund or refund
  the same  pursuant  to  the  provisions  of  sections  eighteen  hundred
  forty-e,  eighteen hundred forty-g, and eighteen hundred forty-h of this
  title, and to provide  for  the  rights  of  the  holders  of  authority
  obligations.
    12.  To  grant  options to renew any lease with respect to any project
  and to grant options to buy any project at such price as  the  authority
  may  deem  desirable,  provided that such purchase price at least equals
  any remaining principal or interest payments on outstanding  obligations
  associated with the project.
    13.  To  foreclose  on  any property in respect of which it has made a
  loan, lease, sale, or other agreement or commence or join in any  action
  or  proceeding  to protect or enforce any right conferred upon it by law
  or by contract 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  operate,  maintain,
  administer, pay the principal of and interest on any obligation incurred
  in connection with such property, and otherwise deal with, such property
  in  such manner as may be necessary or desirable to protect the interest
  of the authority therein;
    14. To enter into agreements to pay annual sums in lieu  of  taxes  to
  any  municipality  or taxing district of the bi-county region in respect
  of any real property which is owned by the authority and located in such
  municipality or taxing district;
    15. To provide financial assistance to eligible commercial facilities,
  only after such projects have  been  affirmatively  recommended  by  the
  board of supervisors of Nassau county, the county legislature of Suffolk
  county,  and  the  governing  body of each city, town, and/or village in
  which the facility or any part thereof is, or will be located, provided,
  however, that such affirmative  recommendation  required  shall  not  be
  provided until the authority has first:
    (a) Filed a certified statement in the office of the clerk of any such
  municipality  setting  forth that, with respect to the geographical area
  reasonably influenced by the project, (i) there is a  demonstrable  need
  for the facility and (ii) there will result a maintenance or increase in
  employment after the completion of the facility; and
    (b)  Published a notice in one newspaper of general circulation within
  the bi-county region and within each city, town and/or village in  which
  the  facility  or  any part thereof is, or will be located, which notice
  shall state that the aforesaid certified statement has been filed at the
  office of the clerk and that a public hearing will be  held  to  discuss
  such certified statement at a specified time and place on a date no less
  than seven nor more than thirty days after such publication; and
    (c)  Notified  the  chief executive officer of each municipality whose
  affirmation is required of the date and time of such public hearing; and
    (d) Conducted a public hearing pursuant to the aforesaid notice; and
    (e) Afforded any person an opportunity to present written comments  on
  the  certified  statement  within  fifteen  days  after the date of such
  hearing. Each municipality  required  to  affirmatively  recommend  such
  project  shall,  within forty-five days after the public hearing held in
  accordance with this  subdivision,  determine  by  resolution  that  the
  certified  statement  submitted  by  the  authority has been reviewed to
  determine that the authority's  findings  are  supported  by  fact.  The
  failure  of  any  such  municipality to adopt a resolution in accordance
  with the provisions of this subdivision either approving or disapproving
  such facility within forty-five  days  of  the  conclusion  such  public
  hearing  shall  be  deemed  to  be  a  negative  recommendation  by such
  municipality.
    16. To procure insurance for the benefit of its officers and employees
  insuring against any loss for damage arising out of  any  act  committed
  within  the  scope of their authority and against any loss in connection
  with any loan, lease, sale, or other agreement in respect to  a  project
  or  with  real and personal property or other assets of the authority of
  any nature whatsoever in such amounts, and from  such  insurers,  as  it
  deems desirable;
    17.  To  consent  to  the  modification  of the time of payment of any
  installment of principal or interest, the rate of interest  (within  the
  limits  prescribed by section eighteen hundred forty-m), to security, or
  any other terms of any mortgage, loan,  loan  commitment,  lease,  sale,
  contract  or  agreement  of  any  kind to which the authority is a party
  whenever it deems it necessary or desirable in the  fulfillment  of  the
  purposes of this title;

    18.  To  encourage  the organization of local development corporations
  and to cooperate with such corporations in the formation  of  plans  for
  improving employment opportunities within their areas of operation;
    19.  To cooperate and act in conjunction with any organization, public
  or private, the objects of which within any area of the bi-county region
  are similar to the purposes of the authority;
    20. To accept gifts, grants, loans or contributions  from,  and  enter
  into  contracts  or other transactions with any federal or state agency,
  any municipality, any private organization or any other source;
    21. To use, with the consent of  the  municipality  and  as  otherwise
  permitted by law, agents, employees, and facilities of any municipality,
  paying  the  municipality  its  agreed proportion of the compensation or
  costs.
    22. To engage the services  of  bond  counsel,  accountants  or  other
  private  consultants  on a contract basis for rendering professional and
  technical assistance and advice;
    23. To do any and all things necessary or convenient to carry out  its
  corporate  purposes  and  exercise  the powers given and granted in this
  title.