§ 3954. 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-nine hundred sixty-two of this title\nto pay the financeable costs described in paragraph (a), (b), (d) or (e)\nof subdivision thirteen of section thirty-nine hundred fifty-one of this\ntitle;\n 10. to procure insurance, letters of credit or other credit\nenhancement with respect to arrangements described in subdivision nine\nof this section;\n 11. to accept gifts, grants, loans or contributions of funds or\nfinancial or other aid in any form from the county, state or federal\ngovernment or any agency or instrumentality thereof, or from any other\nsource and to expend the proceeds for any of its corporate purposes in\naccordance with the provisions of this title;\n 12. subject to the provisions of any contract with bondholders in\nrespect of escrow accounts to secure bonds that have been refunded or\ndebt service funds in which revenues are deposited to secure bonds,\nnotes or other indebtedness issued under this act, to invest any funds\nheld in reserves or sinking funds, or any funds 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,\nwhether negotiable or non-negotiable, and banker's acceptances of any of\nthe fifty largest banks in the United States which bank, at the time of\ninvestment, has an outstanding unsecured, uninsured and unguaranteed\ndebt issue ranked by two nationally recognized independent rating\nagencies at a rating category that is no lower than the then current\nrating of the authority's bonds, notes or other obligations, (d)\ncommercial paper of any bank or corporation created under t
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