§ 1974-c. Additional powers of the authority. 1. It is hereby found\nand declared that the legislature, pursuant to the housing New York\nprogram act, has established a housing New York program under which the\ncity of New York, any agency or instrumentality thereof (other than the\nhousing New York corporation) and the New York city housing development\ncorporation will cause the acquisition, construction, equipping,\nimproving, rehabilitation and renovation of dwelling accommodations\nwithin the city of New York for persons and families for whom the\nordinary operations of private enterprise cannot supply such\naccommodations; that such program is necessary in order to increase the\npresently inadequate supply of dwelling accommodations in such city for\npersons and families of low and moderate income; that such program shall\nrequire a substantial commitment of funds from public sources; and that\nthe need for such moneys necessitates that the authority be granted the\nadditional powers and be made subject to the additional requirements of\nthis section. The legislature therefore finds that the authority,\nsubject to the terms and conditions specified herein, should be given\nthe power to assign certain excess revenues to secure bonds and notes to\nbe issued by the housing New York corporation for use by the city of New\nYork, and any agency or instrumentality thereof (other than the housing\nNew York corporation) or the New York city housing development\ncorporation in the housing New York program; that the assignment of such\nexcess revenues for the financing of residential housing facilities in\naccordance with the housing New York program is a public purpose for\nwhich moneys may be granted; and that the powers and duties of the\nauthority as recited in this section are necessary and proper for\nachieving the ends herein recited.\n 2. In addition to the powers of the authority set forth in section\nnineteen hundred seventy-four of this title, the authority shall have\nthe power:\n (a) to borrow money by issuing bonds and notes and to issue such bonds\nand notes for the purposes of (i) repaying appropriations from the state\nto the authority in accordance with the provisions of any repayment\nagreements with the state, (ii) furthering the development of the\ninfrastructure of the Battery Park project area, and (iii) refunding any\nbonds and notes of the authority issued pursuant to this section;\n (b) subject to the provisions of any contract with noteholders and\nbondholders, to (i) pledge any excess revenues or assets (other than\nreal property) of the authority, including, but not limited to such\nexcess revenues as the authority shall deem necessary, to secure any\nbonds or notes issued by the authority pursuant to this section and (ii)\nassign such excess revenues as the authority shall deem necessary to\nsecure any bonds or notes issued or any agreeements entered into by the\nhousing New York corporation pursuant to section six hundred\nfifty-four-c of the private housing finance law or pay any expenses\nrelated thereto for the purpose of financing the acquisition,\nconstruction, equipping, improvement, enlargement, rehabilition and\nrenovation of residential housing facilities in accordance with the\nprovisions of the housing New York program and to enter into any\nagreement or execute any document to accomplish the foregoing;\n (c) to procure insurance, letters of credit or other credit\nenhancements with respect to its bonds or notes issued pursuant to this\nsection and to pay the premiums and fees therefor;\n (d) to adopt, amend or rescind rules and regulations appropriate to\ncarry out its corporate purposes and to establish such requirements and\nenter into such agreements to achieve the objectives of this section;\nand\n (e) to exercise any and all other powers authorized by this title and\nnot inconsistent with the provisions of this section.\n 3. Notwithstanding any contrary provision of law, genera
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