§ 3853. Powers
The Agency may:
(1) Sue and be sued.
(2) Have a seal and alter it at pleasure.
(3) Acquire property, both real and personal, in the name of the Agency, including leasehold
and other interest in land necessary or convenient in the Agency’s determination for
its corporate purposes, and hold, mortgage, and dispose of (including selling and
leasing) all property, both real and personal, all upon such terms and conditions
as the Agency may deem advisable; provided, however, that the Agency shall not be
required to acquire any interest in property in connection with the financing of any
facilities.
(4) Make bylaws for the management and regulation of its affairs.
(5) Appoint officers, agents, consultants, and employees and fix their compensation, subject
to approval of the Governor.
(6) Make and execute financing agreements and all other instruments necessary or convenient
for the exercise of the powers and functions conferred on the Agency under this chapter.
(7) Prepare plans, specifications, designs, and estimates of cost for the acquisition
and construction of facilities and, by contract or its own employees, acquire, construct,
improve, maintain, and operate facilities; fix, revise, and collect fees, rents, and
other charges for the use or occupancy of facilities or for services rendered by facilities;
contract with holders of its bonds to fix, revise, and collect fees, rents, and charges
producing revenues at least sufficient to pay all costs of operation, maintenance,
and repair of the facilities and the principal, interest, and redemption premium,
if any, on bonds; and provide by contract or otherwise for the promulgation, by the
Agency or such other body or officer as may be specified by the Agency, of such reasonable
and proper rules respecting facilities as the Agency may deem necessary to assure
the maximum use of the facilities at all times.
(8) Borrow money and issue negotiable bonds or notes and provide for the rights of the
holders thereof.
(9) Do all things necessary or convenient to carry out the purposes of the Agency.
(10) Acquire and enter into commitments to acquire any federally guaranteed security, including
any federally guaranteed mortgage, and pledge or otherwise use any such federally
guaranteed security in such manner as the Agency deems in its best interests to secure
or otherwise provide a source of repayment on any of its bonds or notes issued on
behalf of any eligible institution or enter into any appropriate agreement with any
eligible institution by which the Agency may make a loan to such eligible institution
for the purpose of acquiring and entering into commitments to acquire any federally
guaranteed security. Any agreement entered into pursuant to this subdivision may contain
such provisions that are deemed necessary or desirable by the Agency for the security
or protection of the Agency or the holders of such bonds or notes; provided, however,
that the Agency, prior to making any such acquisition, commitment, or loan, shall
first determine, and shall first enter into an agreement with any such eligible institution
to require that the proceeds derived from any such federally guaranteed security will
be used for the purpose of providing or refinancing any facilities for any eligible
institution. (Added 1966, No. 56 (Sp. Sess.), § 4, eff. March 12, 1966; amended 1969, No. 224 (Adj. Sess.), § 2, eff. March 31, 1970; 1979, No. 93 (Adj. Sess.), § 2, eff. Feb. 28, 1980; 2019, No. 131 (Adj. Sess.), § 115.)