4-17-406 - Corporation power.
4-17-406. Corporation power.
(a) The powers of the corporation include all the powers necessary or convenient to carry out and effectuate the purposes and provisions of this part.
(b) The corporation is authorized and empowered to:
(1) Have perpetual succession as a public nonprofit corporation and adopt bylaws for the regulation of its affairs and the conduct of its business;
(2) Adopt an official seal and alter the same at its pleasure;
(3) Maintain an office at such place or places as it may designate;
(4) Sue and be sued in its own name and plead and be impleaded;
(5) Issue its bonds for the purpose of financing and refinancing one (1) or more projects, which may be located in one (1) or more municipalities in the state, for one (1) or more applicants, and exercise all powers in connection with the authorization, issuance, and sale of bonds, subject to the provisions of § 4-17-407;
(6) Make and execute contracts and other instruments necessary or convenient to the exercise of its powers under this part, including contracts and other instruments with the state, political subdivisions thereof, and other governments;
(7) Lease, acquire, construct, sell and otherwise deal in and contract concerning any projects;
(8) Make secured or unsecured loans, or guarantee the payment of loans made to businesses for the purpose of financing the activities authorized by this part;
(9) Disseminate information about itself and its activities;
(10) Acquire, by purchase, lease, option, gift, grant, bequest, devise, or otherwise, real or personal property for its administrative purposes, together with any improvements thereon;
(11) Hold, improve, clear, or prepare for development any such property;
(12) Mortgage, pledge, hypothecate, or otherwise encumber or dispose of any real or personal property, and sell or transfer such interests in real or personal property;
(13) Insure or provide for insurance of any real or personal property or operations of the corporation or any private enterprise against any risks or hazards, including the power to pay premiums on any such insurance;
(14) Establish and fund a guaranty fund;
(15) Invest any funds held by the corporation that are not required for immediate disbursement, in property or securities in such manner as the board shall determine, subject to the authorizing resolution on any bonds issued, and redeem such bonds at the redemption price established therein or purchase such bonds at less than redemption price, all such bonds so redeemed or purchased to be cancelled;
(16) Borrow money and apply for and accept advances, loans, grants, contributions, and any other form of financial assistance from the federal government or the state, county, or other public body or from any sources, public or private, for the purposes of this part, and give such security as may be required and enter into and carry out contracts or agreements in connection therewith; and include in any contract for financial assistance with the federal government for, or with respect to, any purposes under this chapter and related activities such conditions imposed pursuant to federal laws as the board of directors deems reasonable and appropriate that are not inconsistent with the provisions of this part;
(17) Make or have all surveys and plans necessary for the carrying out of the purposes of this part, contract with any person, public or private, in making and carrying out such plans, and adopt, approve, modify, and amend such plans;
(18) Develop, test, and report methods and techniques and carry out demonstrations and other activities for the promotion of any of the purposes of this part;
(19) Apply for, accept, and utilize grants from the federal government available for any of the purposes of this part;
(20) Make expenditures necessary to carry out the purposes of this part;
(21) Create subsidiary nonprofit or for profit corporations, which shall have such purposes and powers as the board of directors shall determine, to assist in carrying out the purposes of the corporation as provided herein, and to provide technical, administrative and financial assistance to such subsidiary corporations;
(22) Select, retain, and dismiss employees and set their levels of compensation;
(23) Establish reserve funds to further the corporate purposes and powers of the corporation; and
(24) Exercise all or any part or combination of powers granted in this part.
(c) Any meeting held by the board of directors for any purposes, except as provided in § 4-17-408(e), shall be open to the public.
[Acts 1995, ch. 443, § 6.]