§ 159D-39. General powers.
§ 159D‑39. Generalpowers.
The agency shall have all of the powers necessary or convenient tocarry out and effectuate the purposes and provisions of this Article, includingall of the following:
(1) To make and execute contracts and agreements necessary orincidental to the exercise of its powers and duties under this Article,including loan agreements and agreements of sale or leases with, mortgages anddeeds of trust and conveyances to participating institutions, persons, firms,corporations, governmental agencies and others and including credit enhancementagreements.
(2) To acquire by purchase, lease, gift or otherwise, or toobtain options for the acquisition of any property, real or personal, improvedor unimproved, including interests in land in fee or less than fee for anyproject, upon such terms and at such cost as shall be agreed upon by the ownerand the agency.
(3) To arrange or contract with any county, city, town or otherpolitical subdivision or instrumentality of the State for the opening orclosing of streets or for the furnishing of utility or other services to anyproject.
(4) To sell, convey, lease as lessor, mortgage, exchange,transfer, grant a deed of trust in, or otherwise dispose of, or to grantoptions for these purposes with respect to, any real or personal property orinterest in property.
(5) To pledge or assign any money, purchase price payments,rents, loan repayments, charges, fees or other revenues, including anyfederally guaranteed securities and moneys received from them whether thesecurities are initially acquired by the agency or a participating institution,and any proceeds derived by the agency from sales of property, insurance,condemnation awards or other sources.
(6) To pledge or assign the revenues and receipts from anyproject and from any loan agreement, agreement of sale, or lease, including anyloan repayments, purchase price payments, rent, or other income received undera loan agreement, agreement of sale, or lease.
(7) To borrow money as provided in this Article to carry out andeffectuate its corporate purposes and to issue bonds and notes for the purposeof providing funds to pay all or any part of the cost of any project, to lendmoney to any participating institution for the acquisition of any federally guaranteedsecurities, and to issue revenue refunding bonds.
(8) To finance, refinance, acquire, construct, equip, provide,operate, own, repair, maintain, extend, improve, rehabilitate, renovate andfurnish any project and to pay all or any part of the cost thereof from theproceeds of bonds or notes or from any contribution, gift or donation or otherfunds available to the agency for this purpose.
(9) To fix, revise, charge and collect or cause to be fixed,revised, charged and collected purchase price payments, rents, loan repayments,fees, rates and charges for the use of, or services rendered by, any project.
(10) To employ fiscal consultants, consulting engineers,architects, attorneys, feasibility consultants, appraisers and any otherconsultants and employees as may be required in the judgment of the agency andto fix and pay their compensation from funds available to the agency.
(11) To conduct studies and surveys respecting the need forprojects and their location, financing and construction.
(12) To apply for, accept, receive and agree to and comply withthe terms and conditions governing grants, loans, advances, contributions,interest subsidies and other aid with respect to any project from federal andState agencies or instrumentalities.
(13) To sue and be sued in its own name, plead and be impleaded.
(14) To acquire and enter into commitments to acquire anyfederally guaranteed security or federally insured mortgage note and to pledgeor otherwise use the federally guaranteed security or federally insuredmortgage note as the agency considers in its best interest to secure orotherwise provide a source of repayment on any of its bonds or notes issued onbehalf of any participating institution to finance or refinance the cost of anyproject.
(15) To make loans to any participating institution for the costof a project in accordance with an agreement between the agency and theparticipating institution.
(16) To make loans to a participating institution to refundoutstanding loans, obligations, deeds of trust or advances issued, made orgiven by the participating institutions for the cost of a project.
(17) To charge and to apportion among participating institutionsits administrative costs and expenses incurred in the exercise of its powersand duties conferred by this Article.
(18) To adopt an official seal and alter it at pleasure.
(19) To do all other things necessary or convenient to carry outthe purposes of this Article. (1985 (Reg. Sess., 1986), c. 794, s. 5; 1998‑124, s. 5; 2000‑179,s. 2.)