§ 42-99-6 - General powers.
SECTION 42-99-6
§ 42-99-6 General powers. – The corporation shall have power:
(1) To have perpetual succession.
(2) To sue and be sued, complain and defend, in its corporatename.
(3) To have a corporate seal which may be altered at itspleasure, and to use the seal by causing it, or a facsimile of the seal, to beimpressed or affixed or in any other manner reproduced.
(4) To purchase, take, receive, lease, or otherwise acquire,own, hold, improve, use, and otherwise deal in and with, real or personalproperty, or any interest therein, wherever situated.
(5) To sell, convey, mortgage, pledge, lease, exchange,transfer, and otherwise dispose of all or any part of its property and assets;any such transfers or dispositions may be for nominal or other consideration,by public, or private sale, with or without public bidding, notwithstanding theprovisions of any other law.
(6) To purchase, take, receive, subscribe for, or otherwiseacquire, own, hold, vote, use, employ, sell, mortgage, lend, pledge orotherwise dispose of, and otherwise use and deal in and with, shares or otherinterests in, or obligations of, other domestic or foreign corporations,associations, partnerships or individuals, direct or indirect obligations ofthe United States or of any other government, state, territory, governmentaldistrict or municipality or of any instrumentality thereof.
(7) To make and enter into all contracts, agreements, andguarantees and incur liabilities, borrow money at those rates of interest thatthe corporation may determine, issue its notes, bonds, and other obligations,and secure any of its obligations by mortgage or pledge of all or any of itsproperty, franchises, and income, necessary or incidental to the performance ofits duties and the execution of its powers under this chapter.
(8) To conduct its business, carry on its operations, andhave offices and exercise the powers granted by this chapter.
(9) To elect or appoint officers and agents of thecorporation, and define their duties.
(10) To make and alter by-laws, not inconsistent with thischapter.
(11) To make contracts with, and to receive and accept grantsfrom, the state or any political subdivision thereof, including themunicipality.
(12) The corporation shall at all times have the power tosell, convey, lease, exchange, transfer, and otherwise dispose of, any or allproperty previously acquired by the corporation (which is subsequentlydetermined to be unnecessary to the project) whether acquired by the exerciseof the right and power of eminent domain or through negotiation and purchase orotherwise.
(13) Upon any conveyance or lease by the corporation ofproperty previously acquired by the corporation, irrespective of whether theproperty was acquired by the exercise of the right and power of eminent domain,through negotiation and sale or otherwise, neither the person or persons fromwhom the property was taken, any other former owner or owners nor any otherperson or persons formerly having any estate or right or interest in theproperty, shall have any preferred, special or first right to repurchase orlease the property or any other preemptive right with respect to the property.
(14) To enter into joint ventures with third parties for thepurpose of owning a hotel or any undivided interest in a hotel, provided thatthe fair market value of any real or personal property contributed to any jointventure by any third party shall be determined by the following appraisalprocedure:
(i) The corporation shall secure an independent appraisal ofthe fair market value of the contributed property;
(ii) The third party shall secure a second independentappraisal of the fair market value of the contributed property;
(iii) Following receipt of the two (2) independentappraisals, if the corporation and the third party still do not agree on thefair market value of the contributed property, then the two (2) appraisersselected by the parties shall select a third independent appraiser, the cost ofwhich shall be shared equally by the two (2) parties; and
(iv) The determination of fair market value by the thirdappraiser shall be binding and conclusive of the fair market value; provided,however, the final value established by the third appraisal may not be greaterthan the amount set forth in the higher of the two (2) prior appraisals, normay it be below the amount set forth in the lower of the two (2) priorappraisals.
(15) To enter into an agreement with the municipality whichshall provide reasonable reimbursement to the municipality for certain publicsafety services and to hold the municipality harmless for any debt serviceincurred by the authority in connection with the convention center project.
(16) To have and exercise all powers necessary or convenientto effect its purposes.