N.Y. TSF Law § 5

§ 5. Powers of the corporation. The corporation also shall have the\npower to:\n 1. sue and be sued;\n 2. have a seal and alter the same at pleasure;\n 3. make and alter by-laws for its organization and internal management\nand make rules and regulations governing the use of its property and\nfacilities;\n 4. make and execute contracts and all other instruments necessary or\nconvenient for the exercise of its powers and functions under this\nsection and to commence any action to protect or enforce any right\nconferred upon it by any law, contract or other agreement;\n 5. appoint officers, agents and employees, prescribe their duties and\nqualifications, fix their compensation and engage the services of\nprivate consultants and counsel on a contract basis for rendering\nprofessional and technical assistance and advice provided that the chief\nexecutive officer of the corporation shall be the chief executive\nofficer of the authority and any other officers or employees, if\nappointed, shall be those having similar positions with the authority,\nprovided, however, that no such officer or employee shall receive any\nadditional compensation as a result of such appointment;\n 6. pay its operating expenses and its financing costs;\n 7. borrow money in its name and issue negotiable bonds and provide for\nthe rights of the holders thereof;\n 8. procure insurance against any loss in connection with its\nactivities, properties and assets in such amount and from such insurers\nas it deems desirable;\n 9. invest any funds or other moneys under its custody and control in\ninvestment securities or under any ancillary bond facility;\n 10. as security for the payment of the principal of and interest on\nany bonds issued by it pursuant to this act and any agreement made in\nconnection therewith and for its obligations under any ancillary bond\nfacility, pledge all or any part of its revenues or assets;\n 11. with the approval of the state representative, enter into, modify,\namend, replace or renew any ancillary bond facility with any person\nunder such terms and conditions as the corporation may determine\nincluding, without limitation, provisions as to default or early\ntermination and indemnification by the corporation or any other party\nthereto for loss of benefits as a result thereof and with respect to\nexecution of any interest rate exchange or similar agreement and prior\nthereto, adopt guidelines and make the determinations set forth in\nsubdivision seven or eight of section six of this act; and\n 12. do any and all things necessary or convenient to carry out its\npurposes and exercise the powers expressly given and granted in this\nsection.\n