§ 2434. Powers of the agency. Except as otherwise limited by this\ntitle, the agency 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 make and execute contracts and all other instruments necessary\nor convenient for the exercise of its powers and functions under this\ntitle, including, without limitation, any special program agreement\nentered into pursuant to the provisions of section twenty-four hundred\nthirty-five-a of this title, any purchase and sale agreement entered\ninto pursuant to the provisions of section twenty-four hundred\nthirty-five-b of this title and any special school deficit program\nagreement entered into pursuant to section twenty-four hundred\nthirty-five-e of this title;\n (4) To make and alter by-laws for its organization and internal\nmanagement;\n (5) To acquire, hold and dispose of real and personal property for its\ncorporate purposes;\n (5-a) To establish, create or otherwise form and control one or more\ntrusts or other single purpose entities to facilitate the purchase of\ntax liens and the issuance of tax lien collateralized securities;\n (6) To appoint officers, agents and employees, prescribe their duties\nand qualifications and fix their compensation;\n (7) To acquire, and contract to acquire, bonds issued by\nmunicipalities and to enter into advance commitments to municipalities\nfor the purchase of said bonds, all subject to the provisions of section\ntwo thousand four hundred thirty-five of this title;\n (7-a) To acquire, and contract to acquire, tax liens and to enter into\nadvance commitments with a municipality for the purchase of such tax\nliens, all subject to the provisions of section twenty-four hundred\nthirty-five-b of this title;\n (7-b) To acquire and contract to acquire local ARRA bonds, and to\nenter into arrangements with a municipality for the purchase of its\nlocal ARRA bonds;\n (7-c) To acquire and contract to acquire, and to enter into\narrangements with a municipality for the purchase of its local public\nsafety communications bonds.\n (8) Subject to any agreement with bondholders or noteholders, to\ninvest moneys of the agency not required for immediate use or\ndisbursement, including proceeds from the sale of any bonds or notes, in\n(a) obligations of the state or the United States of America, (b)\nobligations the principal of and interest on which are guaranteed by the\nstate or by the United States of America or an agency or instrumentality\nof the United States of America, (c) obligations of agencies or\ninstrumentalities of the United States of America or (d) interest\nbearing time deposits of banks or trust companies secured by obligations\ndescribed in clauses (a), (b) or (c) of this subdivision or by\nobligations of agencies or instrumentalities of the state;\n (9) Subject to any agreement with bondholders or noteholders, to\npurchase bonds or notes of the agency, which shall thereupon be\ncancelled, at a price not exceeding (a) if the bonds or notes are then\nredeemable, the redemption price then applicable plus accrued interest\nto the next interest payment date thereon, or (b) if the bonds or notes\nare not then redeemable, the redemption price applicable on the first\ndate after such purchase upon which the notes or bonds become subject to\nredemption plus accrued interest to said date;\n (10) To borrow money and to issue negotiable bonds and notes and to\nprovide for and secure the payment thereof and to provide for the rights\nof the holders thereof;\n (11) To make and execute contracts for the servicing of municipal\nbonds acquired by the agency pursuant to this title, and for the\nservicing of special program agreements, special school purpose\nagreements and special school deficit program agreements, and to pay the\nreasonable value of services rendered to the agency pursuant to those\ncontracts;\n (11-a) To make and execute contracts for professional services\nincluding, but not
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