1225-f. General powers of the fund. The fund shall have the following powers in addition to those specially conferred elsewhere in this title: (1) to sue and be sued; (2) to have a seal and alter the same at its pleasure; (3) to make and alter by-laws for its organization and internal management; (4) to prescribe a system of accounts for the fund; (5) to purchase, receive, lease, accept jurisdiction over or otherwise acquire real or personal property necessary and convenient for its corporate purposes; to execute and deliver deeds for real property held in its own name; and to transfer, lease, sublease or otherwise make such real or personal property available to the transportation authority or the transit authority or their subsidiaries or to sell or otherwise to dispose of such real or personal property that, in the judgment of the fund, is no longer necessary for its corporate purposes; (6) subject to other provisions of law, to transfer upon such terms and conditions as is deemed appropriate such sums of money as are not required for other purposes; (7) to make and execute contracts, leases, subleases and all other instruments or agreements necessary or convenient for the exercise of its corporate powers and purposes; (8) with the consent of the transportation authority or the transit authority to use with or without compensation the agents, employees and facilities of those authorities or their subsidiaries; (9) to engage the services of construction, engineering, architectural, legal and financial consultants, surveyors and appraisers, on a contract basis or as employees, for professional service and technical assistance and advice; (10) to cause, by agreement with the transportation authority, transit facilities to be planned, designed, constructed, acquired, extended, reconstructed, rehabilitated, modernized, and otherwise improved, in accordance with the provisions of this title; (11) to procure such insurance as is deemed necessary; (12) to accept, administer and disburse federal and state aid and (13) to do any and all things necessary or convenient to carry out its corporate powers and purposes.
Last modified: February 3, 2019