§ 454. General powers and duties of fund. The fund shall have the
following powers in addition to those specifically conferred elsewhere
in this article:

1. To sue and be sued;

2. To have a seal and alter the same at pleasure;

3. To make and alter by-laws for its organization and internal
management;

4. With the approval of the comptroller of the city of New York to
prescribe a system of accounts;

5. To make rules and regulations governing the exercise of its
corporate powers and the fulfillment of its corporate purposes under
this article, which rules and regulations shall be filed with the
secretary of state in the manner provided by section one hundred two of
the executive law;

6. With the approval of the board of education, to purchase, receive,
lease or otherwise acquire real and personal property necessary or
convenient for its corporate purposes;

7. Subject to the terms and conditions of any lease, sublease or other
agreement with the board of education, to possess, hold, use and improve
real and personal property acquired by or on behalf of the fund so long
as its corporate existence shall continue;

8. Upon a two-thirds vote of the trustees of the fund, and subject to
the approval of the board of education, to design, construct, acquire,
reconstruct, rehabilitate and improve combined occupancy structures and
incidental or appurtenant facilities thereto, or cause such structures
and facilities to be designed, constructed, acquired, reconstructed,
rehabilitated and improved in accordance with the provisions of this
article;

9. In connection with such design, construction, acquisition,
reconstruction, rehabilitation and improvement, to install or cause to
be installed water, sewer, gas, electrical, telephone, heating, air
conditioning and other utility services, including appropriate
connections;

10. Subject to the terms and conditions of any lease, sublease or
other agreement with the board of education, to maintain, repair and
keep up the real property held by it and all combined occupancy
structures and facilities constructed, acquired, reconstructed,
rehabilitated or improved pursuant to this article;

11. Subject to the terms and conditions of any lease, sublease or
other agreement with third parties and to the determination of the board
of education that such real property is unnecessary for the present or
foreseeable future school building needs of the city of New York, to
surrender to the appropriate city official, for other public use or for
sale, lease or other disposition in accordance with law, real property
held by the fund for its corporate purposes;

12. To make and execute contracts, leases, subleases and all other
instruments or agreements necessary or convenient for the exercise of
its corporate powers and the fulfillment of its corporate purposes under
this article, subject to the approval of the corporation counsel as to
form of all such documents to which the city of New York is a party; the
term of any such lease or sublease or renewal thereof shall not be
limited by any provision of any general, special or local law or charter
applicable to the city of New York or to the board of education of the
city of New York;

13. To procure insurance against any loss in connection with its
property and other assets in such amounts and from such insurers as it
deems desirable;

14. With the consent of the board of education to use the agents,
employees and facilities of the board;

15. To engage the services of construction, engineering,
architectural, legal and financial consultants, surveyors and
appraisers, on a contract basis or as employees, for professional
service and technical assistance and advice;

16. To assist generally, the department of general services of the
city of New York in making land surveys, topographical surveys and
valuation appraisals of real property sought to be acquired by the board
of education of the city of New York;

17. To borrow money and issue negotiable notes, bonds or other
obligations and to provide for the rights of the holders thereof;

18. To invest any moneys held in any funds or accounts not required
for immediate use or disbursement, at the discretion of the fund, in
obligations of the city, the state or the United States government or
obligations the principal of and interest on which are guaranteed by the
city, the state or the United States government or obligations of
agencies or instrumentalities of the United States government which may
from time to time be legally purchased by savings banks of the state as
investments of funds belonging to them or in their control; and
temporarily to deposit or invest moneys not required for immediate use
or disbursement in interest bearing time deposits or certificates of
deposit issued by, a bank or trust company located and authorized to do
business in this state, provided, however, that such time deposits or
certificates of deposit shall be payable within such time as the
proceeds shall be needed and provided further that such time deposits or
certificates of deposit be secured by a pledge of obligations of the
United States of America, or any obligation fully guaranteed or insured
as to interest and principal by the United States of America acting
through an agency, subdivision, department or division thereof, or
obligations of the state of New York or of a corporate agency or
instrumentality of the state of New York, including the fund itself, or
obligations of the city of New York.

19. To accept any gifts or grants or loans of funds and property or
financial or other aid in any form from the federal government or any
agency or instrumentality thereof or from the state or from any other
source and to comply, subject to the provisions of this article, with
the terms and conditions thereof;

20. At the request or with the approval of the board of education, to
grant, sell, license, lease or otherwise transfer without public auction
or bidding any real property or any rights or interests therein or
thereto, including fee interests, easements, space rights or air rights,
held by it and occupied or reserved for school purposes and needed
therefor, to a private individual or private or public corporation
solely and exclusively for the purpose of developing and constructing
therein or thereon a combined occupancy structure, or a part or portion
thereof, or for the purpose of rehabilitating or improving an existing
school to become part of a combined occupancy structure within the
meaning of this article subject to a prior and enforceable agreement
approved by the board of education for the reconveyance, retransfer or
leaseback of the school portion thereof, upon completion, for use and
occupancy by the said board of education in those instances where a
grant, sale or lease has been made to such private individual or private
or public corporation; provided, however, that no such sale, lease or
transfer of lands or rights therein or thereto is authorized where the
development of a combined occupancy structure contemplates the erection
of nonschool facilities or improvements over an existing playground
unless such combined occupancy structure to be constructed over such
playground shall provide playground area at least equal in size to the
then existing playground area;

21. At the request or with the approval of the board of education, to
contract with the owner or other developer of a combined occupancy
structure for the purchase or lease of the school portion thereof upon
completion for use and occupancy by the board of education of the city
of New York;

22. To grant, sell, lease, sublease or otherwise convey the school
portion of combined occupancy structures to the city of New York for use
and occupancy by the board of education of the city of New York; and

23. To do any and all things necessary or convenient to carry out its
corporate purposes and exercise the powers given and granted to it in
this article.