23-30.42 - Powers and duties of Authority.
§ 23-30.42. Powers and duties of Authority.
The Authority shall assist institutions for higher education in theacquisition, construction, and financing, and the refinancing of projectsbegun after July 1, 1972, and for this purpose the Authority is authorizedand empowered. In addition to such other powers as are granted to theAuthority by law, it is further empowered:
(a) To determine the location and character of any project to be financedunder the provisions of this chapter, and to construct, reconstruct, remodel,maintain, manage, enlarge, alter, add to, repair, operate, lease, as lesseeor lessor, and regulate the same, to enter into contracts for any or all ofsuch purposes, to enter into contracts for the management and operation of aproject, and to designate a participating institution for higher education asits agent to determine the location and character of a project undertaken bysuch participating institution for higher education under the provisions ofthis chapter and, as the agent of the Authority, to construct, reconstruct,remodel, maintain, manage, enlarge, alter, add to, repair, operate, lease, aslessee or lessor, and regulate the same, and, as the agent of the Authority,to enter into contracts for any or all of such purposes, including contractsfor the management and operation of such project;
(b) To issue bonds, bond anticipation notes and other obligations of theAuthority for any of its corporate purposes, and to fund or refund the sameall as provided in this chapter;
(c) Generally, to fix and revise from time to time and charge and collectrates, rents, fees and charges for the use of and for the services furnishedor to be furnished by a project or any portion thereof and to contract withany person, partnership, association or corporation or other body public orprivate in respect thereof and to designate a participating institution forhigher education or a participating hospital as its agent to fix, revise,charge and collect such rates, rents, fees and charges and to make suchcontracts;
(d) To establish rules and regulations for the use of a project or anyportion thereof and to designate a participating institution for highereducation as its agent to establish rules and regulations for the use of aproject in which such participating institution for higher education isparticipating;
(e) To employ consulting engineers, architects, attorneys, accountants,construction and financial experts, superintendents, managers and such otheremployees and agents as may be necessary in its judgment, and to fix theircompensation;
(f) To receive and accept from any public agency loans or grants for or inaid of the construction of a project or any portion thereof, and to receiveand accept loans, grants, aid or contributions from any source of eithermoney, property, labor or other things of value to be held, used and appliedonly for the purposes for which such loans, grants, aid and contributions aremade;
(g) To mortgage any project and the site thereof for the benefit of theholders of revenue bonds issued to finance such project;
(h) To make loans to any participating institution for higher education forthe cost of a project in accordance with an agreement between the Authorityand one or more participating institutions for higher education; providedthat no such loan shall exceed the total cost of the project as determined bysuch participating institution or institutions for higher education andapproved by the Authority;
(i) To make loans to participating institutions for higher education torefund outstanding obligations, mortgages or advances issued, made or givenby such participating institutions for higher education for the cost of aproject;
(j) To charge to and equitably apportion among participating institutions forhigher education its administrative costs and expenses incurred in theexercise of the powers and duties conferred by this chapter;
(k) To do all things necessary or convenient to carry out the purposes ofthis chapter.
In carrying out the purposes of this chapter, the Authority may undertake ajoint project for two or more participating institutions for higher educationand, thereupon, all other provisions of this chapter shall apply to and forthe benefit of the Authority and the participants in such joint project orprojects.
(1972, c. 686.)