N.Y. Tobacco Settlement Financing Corporation Act § 5

Current through 2024 NY Law Chapter 456

Section 5 - Powers of the corporation

The corporation also shall have the power to:

1.sue and be sued;

2.have a seal and alter the same at pleasure;

3.make and alter by-laws for its organization and internal management and make rules and regulations governing the use of its property and facilities;

4.make and execute contracts and all other instruments necessary or convenient for the exercise of its powers and functions under this section and to commence any action to protect or enforce any right conferred upon it by any law, contract or other agreement;

5.appoint officers, agents and employees, prescribe their duties and qualifications, fix their compensation and engage the services of private consultants and counsel on a contract basis for rendering professional and technical assistance and advice provided that the chief executive officer of the corporation shall be the chief executive officer of the authority and any other officers or employees, if appointed, shall be those having similar positions with the authority, provided, however, that no such officer or employee shall receive any additional compensation as a result of such appointment;

6.pay its operating expenses and its financing costs;

7.borrow money in its name and issue negotiable bonds and provide for the rights of the holders thereof;

8.procure insurance against any loss in connection with its activities, properties and assets in such amount and from such insurers as it deems desirable;

9.invest any funds or other moneys under its custody and control in investment securities or under any ancillary bond facility;

10.as security for the payment of the principal of and interest on any bonds issued by it pursuant to this act and any agreement made in connection therewith and for its obligations under any ancillary bond facility, pledge all or any part of its revenues or assets;

11.with the approval of the state representative, enter into, modify, amend, replace or renew any ancillary bond facility with any person under such terms and conditions as the corporation may determine including, without limitation, provisions as to default or early termination and indemnification by the corporation or any other party thereto for loss of benefits as a result thereof and with respect to execution of any interest rate exchange or similar agreement and prior thereto, adopt guidelines and make the determinations set forth in subdivision seven or eight of section six of this act; and

12.do any and all things necessary or convenient to carry out its purposes and exercise the powers expressly given and granted in this section.

N.Y. Tobacco Settlement Financing Corporation Act § 5