52:27BBB-71 - Powers of the corporation
52:27BBB-71 Powers of the corporation.6.The corporation also shall have the power to and be authorized to:
a.sue and be sued;
b.have a seal and alter the same at its pleasure;
c.make and alter bylaws for its organization and internal management and make rules and regulations governing the use of its property and facilities;
d.make and execute contracts including, without limitation, sale agreements, trust agreements, indentures, bond purchase agreements, tax regulatory agreements, continuing disclosure agreements, servicing agreements, ancillary facilities, and all other instruments necessary or convenient for the exercise of its powers and functions, and commence any action to protect or enforce any right conferred upon it by any law, contract or other agreement;
e.engage, in such manner as the corporation may determine, the services of financial advisors and experts, servicers, contractors, real estate agents, property maintenance contractors, custodians, placement agents, underwriters, appraisers and such other advisors, auditors, consultants, and fiduciaries as may be necessary to effectuate the purposes of this act;
f.pay its operating expenses and financing costs;
g.borrow money in its name and issue negotiable securities and provide for the rights of the owners thereof;
h.procure insurance against any loss in connection with its activities, properties and assets in such amount and from insurers as it deems desirable;
i.invest any funds or other moneys under its custody and control in investments and securities that are legal investments under the laws of the State for funds of the State and, notwithstanding any law to the contrary, in any ancillary facility, in obligations the interest on which is exempt from federal income taxation under the code and in shares or participation interests in funds or trusts that invest solely in such obligations;
j.as security for the payment of the principal of and interest on any securities and for its obligations under any ancillary facility, transfer, assign or pledge all or any part of the tax liens or other assets;
k.procure insurance, letters of credit or other credit enhancement with respect to any securities for the payment of tenders of securities, or for the payment upon maturity of securities;
l. (1) enter into any ancillary facility with any person under such terms and conditions as the corporation may determine;
(2)procure insurance, letters of credit or other credit enhancement with respect to any ancillary facility;
(3)provide security for the payment or performance of its obligations with respect to any ancillary facility from such sources and with the same effect as is authorized by this act with respect to security for securities; and
(4)modify, amend or replace any existing, or enter into a new, ancillary facility; and
m.establish, create or otherwise form and control one or more trusts or other single purpose entities to facilitate the purchase of tax liens and the issuance of tax lien collateralized securities;
n.acquire, hold and dispose of real and personal property for its corporate purposes;
o.cancel, reduce or compromise any taxes, penalties or interest secured by tax liens sold pursuant to this act or extend the time for payment thereof; provided, however, that in the event such reduction causes the principal sum of any taxes secured by the tax liens to fall below the fair market value of the underlying property, the corporation shall obtain the approval of the board prior to such reduction; and
p.do any and all things necessary or convenient to carry out its purposes and exercise the powers expressly given and granted in this act.
L.2003,c.120,s.6.