§ 3854. General powers of the authority. Except as otherwise limited\nby this title, the authority shall have the following powers in addition\nto those specially conferred elsewhere in this title, subject only to\nagreements with bondholders:\n 1. to sue and be sued;\n 2. to have a seal and alter the same at pleasure;\n 3. to make and alter by-laws for its organization and management and\nsubject to agreements with its bondholders, to make and alter rules and\nregulations governing the exercise of its powers and fulfillment of its\npurposes under this title;\n 4. to make and execute contracts and all other instruments or\nagreements necessary or convenient to carry out any powers and functions\nexpressly given in this title;\n 5. to commence any action to protect or enforce any right conferred\nupon it by any law, contract or other agreement;\n 6. to borrow money and issue bonds, notes or other obligations, or to\nrefund the same, and to provide for the rights of the holders of its\nbonds, notes or other obligations;\n 7. as security for the payment of the principal of and interest on any\nbonds, notes or other obligations issued by it pursuant to this title\nand any agreements made in connection therewith and for its obligations\nunder bond facilities, to pledge all or any part of its revenues or\nassets;\n 8. to procure insurance, letters of credit or other credit enhancement\nwith respect to its bonds, notes or other obligations, or facilities for\nthe payment of tenders of such bonds, notes or other obligations or\nfacilities for the payment upon maturity of short-term notes not\nrenewed;\n 9. to enter into interest rate exchange or similar arrangements with\nany person under such terms and conditions as the authority may\ndetermine, not inconsistent with the general laws of this state and\nother provisions of this title, including, without limitation,\nprovisions as to default or early termination and indemnification by the\nauthority or any other party thereto for loss of benefits as a result\nthereof; provided, however, that such exchanges or similar arrangements\nshall be limited to twenty-five percent of the amount authorized in\nsubdivision one of section thirty-eight hundred sixty-two of this title\nto pay the financeable costs described in paragraph (a), (c), (d) or (e)\nof subdivision fifteen of section thirty-eight hundred fifty-one of this\ntitle;\n 10. to accept gifts, grants, loans or contributions of funds or\nfinancial or other aid in any form from the city, county, state or\nfederal government or any agency or instrumentality thereof, or from any\nother source and to expend the proceeds for any of its corporate\npurposes in accordance with the provisions of this title;\n 11. subject to the provisions of any contract with bondholders, to\ninvest any funds held in reserves or sinking funds, or any funds not\nrequired for immediate use or disbursement, at the discretion of the\nauthority, in (a) obligations of the state or the United States\ngovernment, (b) obligations the principal and interest of which are\nguaranteed by the state or the United States government, (c)\ncertificates of deposit, whether negotiable or non-negotiable, and\nbanker's acceptances of any of the fifty largest banks in the United\nStates which bank, at the time of investment, has an outstanding\nunsecured, uninsured and unguaranteed debt issue ranked by two\nnationally recognized independent rating agencies at a rating category\nthat is no lower than the then current rating of the authority's bonds,\nnotes or other obligations, (d) commercial paper of any bank or\ncorporation created under the laws of either the United States or any\nstate of the United States which commercial paper, at the time of the\ninvestment, has received the highest rating of two nationally recognized\nindependent rating agencies, (e) bonds, debentures, or other evidences\nof indebtedness, issued or guaranteed at the time of the investment by\nthe fe
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