23-30.31 - Powers of Authority.
§ 23-30.31. Powers of Authority.
In order to enable the Authority to carry out the purposes for which it isestablished, the Authority is vested with the powers of a public bodycorporate, including the power to sue and be sued, to make contracts, and toadopt and use a common seal and to alter the same, and is authorized andempowered:
1. To have perpetual succession as a public body corporate, and to adoptbylaws and regulations for the conduct of its affairs;
2. To maintain an office at such place or places as it may designate;
3. To collect, or to authorize the trustee under any trust indenture securingany bonds of the Authority to collect, as the same shall become due, (i) theprincipal of and the interest on all obligations transferred to the Authorityby the General Assembly and (ii) other assets or moneys transferred to theAuthority by the General Assembly or educational institutions, includinglease payments and other sources of revenue;
4. To conduct a program of purchasing equipment for lease or sale toeducational institutions as authorized by this chapter;
5. To collect, or to authorize the trustee under any trust indenture securingany bonds of the Authority to collect, as the same shall become due, paymentsdue under leases or agreements of sale of equipment or leases or otherobligations of real property by the Authority to educational institutions,and the principal of and the interest on all educational institution bondspurchased by the Authority;
6. To repossess and sell, or to authorize the trustee under any trustindenture securing any bonds of the Authority to repossess and sell, anyequipment upon any default under the lease or agreement for the sale of suchequipment;
7. To repossess and re-lease, or to authorize the trustee under any trustindenture securing any bonds of the Authority to repossess and re-lease, anyproject upon any default under the lease of such project;
8. To assist educational institutions in applying for grants from, orentering into other agreements with, the federal or state government orfoundations or others designed to provide guarantees of or funds for paymentsunder leases or contracts of sale or other benefits and to enter into similaragreements with such entities itself;
9. To select in such manner as it deems fit, and to appoint and employfinancial experts, corporate depositories, trustees, paying agents,attorneys, accountants, consulting engineers, construction experts and forsuch other services as may be necessary in the judgment of the Authority, andto pay their compensation and reasonable expenses either from moneys receivedby the Authority under the provisions of this chapter, or from appropriationsmade by the General Assembly for such purposes;
10. To issue bonds of the Authority as authorized by this chapter, and torefund any of such bonds;
11. To receive and accept any grants, aid or contributions from any source ofeither money, property, labor or other things of value, or to reject the samein the judgment of the Authority; and
12. To do any and all other acts and things necessary, appropriate,incidental or convenient to carrying out the powers expressly granted in thischapter.
(1964, c. 607; 1966, c. 685; 1986, c. 597; 1996, cc. 672, 689.)