§ 553. Powers of the authority. 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 acquire, hold and dispose of personal property for its\ncorporate purposes, including, the power to dispose of personal property\nwith a value of five hundred thousand dollars or less by public auction\nin accordance with guidelines adopted by the authority pursuant to title\nfive-A of article nine of this chapter. The board shall adopt guidelines\nthat shall provide for advertising and such other safeguards as the\nauthority may deem appropriate in the public interest.\n * NB Effective until June 30, 2028\n * 3. To acquire, hold and dispose of personal property for its\ncorporate purposes;\n * NB Effective June 30, 2028\n 4. To acquire, in the name of the city, by purchase or condemnation\nreal property or rights or easements therein necessary or convenient for\nits corporate purposes, and, except as may otherwise be provided herein,\nto use the same so long as its corporate existence shall continue;\n 4-a. Whenever any real property is determined by the authority to be\nunnecessary for its corporate purpose.\n (a) to surrender such real property to the board of estimate of the\ncity for other public use or purpose of such city, or\n (b) to sell and convey or lease in behalf of such city any real\nproperty acquired by the city at the expense of the authority. The\nproceeds of any such sale or lease shall be paid to the authority and\napplied to its corporate purpose. Any such lease shall run for a term\nnot to exceed ten years, and a renewal thereof for a term not to exceed\nten years.\n 4-b. To apply for and receive and accept grants of property, money and\nservices and other assistance offered or made available to it by any\nperson, government or agency whatever, which it may use to meet capital\nor operating expenses and for any other use within the scope of its\npowers, and to negotiate for the same upon such terms and conditions as\nthe authority may determine to be necessary, convenient or desirable.\nSubject to the rights of the holders of any outstanding bonds, notes or\nother obligations of the authority, metropolitan transportation\nauthority, and New York city transit authority, and to facilitate the\nefficient financial management of the authority, metropolitan\ntransportation authority, its subsidiary corporations, and New York city\ntransit authority and its subsidiary corporations (the "affiliated\nentities"), the authority may, and may permit and direct any affiliated\nentity to, transfer revenues, subsidies and other monies or securities\nto one or more funds or accounts of another affiliated entity for use by\nsuch other affiliated entity, provided at the time of such transfer it\nis reasonably anticipated that the monies and securities so transferred\nwill be reimbursed, repaid or otherwise provided for by the end of the\nnext succeeding calendar year if reimbursement or repayment is required\nby law or by any agreement to which any of the affected affiliated\nentities is subject. Any revenues of an affiliated entity that are\ntransferred to another affiliated entity, which transfer was not\nauthorized by a provision of law other than this subdivision, shall be\nconsidered to be required to be repaid to the affiliated entity which\nwas the source of such revenues by the end of the next succeeding\ncalendar year following such transfer.\n 5. To make by-laws for the management and regulation of its affairs,\nand subject to agreements with bondholders, rules and regulations for\nthe regulation of the use of the project and the establishment and\ncollection of tolls thereon. Violations of such rules and regulations\nshall be a misdemeanor punishable by a fine of not exceeding fifty\ndollars or by imprisonment for not longer than thirty days, or both,\nexcept that violation of any rule or regulation governing or regulating\ntraffic on the projects of th
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