§ 1265. General powers of the authority. Except as otherwise limited\nby this title, the authority shall have power:\n 1. To sue and be sued;\n 2. To have a seal and alter the same at pleasure;\n 3. To borrow money, to issue negotiable notes, bonds or other\nobligations and to provide for the rights of the holders thereof, and to\nfinance or refinance all or any part of the costs to the authority or to\nany other person or entity, public or private, of the planning, design,\nacquisition, construction, improvement, reconstruction or rehabilitation\nof any transportation facility;\n 3-a. (b) The authority shall report on any issuances or obligations\nincurred related to paragraph (a) of this subdivision. Such report shall\ninclude, but not be limited to, an explanation of each note, bond, or\nobligation and their respective values issued by the authority pursuant\nto decreases in revenue in whole or in part due to the state disaster\nemergency caused by novel coronavirus, COVID-19. The report shall also\nprovide: (i) details of such decreases in revenue in whole, (ii) details\nof such decreases in revenue in part, (iii) details of such increases in\ncosts, (iv) the methodology used by the authority or metropolitan\ntransportation authority to calculate such changes, (v) an explanation\nfor attributing a particular increase in cost or a particular decrease\nin revenue, to the state disaster emergency caused by coronavirus,\nCOVID-19, and (vi) how the authority determined that the particular\nnote, bond, or obligation issued was its most desired option. Such\nreport shall be posted on the authority's website and be submitted to\nthe governor, the temporary president of the senate, the speaker of the\nassembly, the mayor and council of the city of New York, the\nmetropolitan transportation authority board, and the metropolitan\ntransportation authority capital program review board.\n 4. To invest any funds, accounts or other monies not required for\nimmediate use or disbursement, at the discretion of the authority, in\n(a) obligations of the state or the United States government, (b)\nobligations the principal and interest of which are guaranteed by the\nstate or the United States government, (c) certificates of deposit of\nbanks or trust companies in this state, secured, if the authority shall\nso require, by obligations of the United States or of the state of New\nYork of a market value equal at all times to the amount of the deposit,\n(d) banker's acceptances with a maturity of ninety days or less which\nare eligible for purchase by the Federal Reserve Banks and whose rating\nat the time of purchase is in the highest rating category of two\nnationally recognized independent rating agencies, provided, however,\nthat the amount of banker's acceptances of any one bank shall not exceed\ntwo hundred fifty million dollars, (e) obligations of any bank or\ncorporation created under the laws of either the United States or any\nstate of the United States maturing within two hundred seventy days,\nprovided that such obligations receive the highest rating of two\nnationally recognized independent rating agencies and, provided further,\nthat no more than two hundred fifty million dollars may be invested in\nsuch obligations of any one bank or corporation, (f) as to any such\nmoneys held in reserve and sinking funds, other securities in which the\ntrustee or trustees of any public retirement system or pension fund has\nthe power to invest the monies thereof pursuant to article four-a of the\nretirement and social security law, each such reserve and sinking fund\nbeing treated as a separate fund for the purposes of article four-a of\nthe retirement and social security law, (g) notes, bonds, debentures,\nmortgages and other evidences of indebtedness, issued or guaranteed at\nthe time of the investment by the United States Postal Service, the\nfederal national mortgage association, the federal home loan mortgage\ncorporation, the student l
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