90-7-202. Powers of authority. The authority may:
     (1) sue and be sued;
     (2) have a seal;
     (3) adopt all procedural and substantive rules necessary for the administration of this chapter;
     (4) issue bonds or incur other debt as described in this chapter, including the issuance of notes or refunding bonds;
     (5) invest any funds that are not required for immediate use, subject to any agreements with its bondholders and noteholders, as provided in Title 17, chapter 6, except that all investment income from funds invested by the authority, less the cost for investment, must be deposited in an enterprise fund to the credit of the authority to be used to carry out the purposes of this chapter;
     (6) contract in its own name for the investment of funds, borrowing of funds, or any other purposes it considers appropriate to carry out the purposes of this chapter;
     (7) participate with any financial institution in the purchase or guarantee of any loan or obligation;
     (8) issue bond anticipation notes or any other anticipatory financial obligations to secure funding of eligible facilities;
     (9) enter into agreements or make advance commitments to insure repayments required by loan agreements made by a lender. These agreements are subject to terms and conditions established by the authority.
     (10) establish programs to make, sell, purchase, or insure loans to finance the costs of eligible facilities from any funds;
     (11) accept gifts, grants, or loans from a federal agency, an agency or instrumentality of the state, a municipality, or any other source;
     (12) enter into contracts or other transactions with a federal agency, an agency or instrumentality of the state, a municipality, a private organization, or any other entity consistent with the exercise of any power under this chapter;
     (13) with regard to property:
     (a) acquire real or personal property or any right, interest, or easement in real or personal property by gift, purchase, transfer, foreclosure, lease, or otherwise;
     (b) hold, sell, assign, lease, encumber, mortgage, or otherwise dispose of property;
     (c) hold, sell, assign, or otherwise dispose of any mortgage or loan owned by it or in its control or custody;
     (d) release or relinquish any right, title, claim, interest, easement, or demand, however acquired, including any equity or right of redemption;
     (e) make any disposition by public or private sale, with or without public bidding;
     (f) commence any action to protect or enforce any right conferred upon it by any law, mortgage, contract, or other agreement;
     (g) bid for and purchase property at any foreclosure or other sale or acquire or take possession of it in lieu of foreclosure; and
     (h) operate, manage, lease, dispose of, and otherwise deal with property in any manner necessary or desirable to protect its interests or the holders of its bonds or notes if that action is consistent with any agreement with the holders;
     (14) service, contract, and pay for the servicing of loans;
     (15) provide general technical services in the analysis, planning, design, processing, construction, rehabilitation, and management of eligible facilities whenever considered appropriate;
     (16) consent, whenever it considers necessary or desirable in fulfilling its purposes, to the modification of the rate of interest, time, or payment of any installment of principal, interest, or security or any other term of any contract, lease agreement, loan agreement, mortgage, mortgage loan, mortgage loan commitment, construction loan, advance contract, or agreement of any kind, subject to any agreement with bondholders and noteholders;
     (17) collect reasonable interest, fees, and charges from participating institutions in connection with making and servicing its lease agreements, loan agreements, mortgage loans, notes, bonds, commitments, and other evidences of indebtedness. The interest, fees, and charges must be deposited to an enterprise fund to the credit of the authority. Interest, fees, and charges are limited to the amounts required to pay the costs of the authority, including operating and administrative expenses, reasonable allowances for losses that may be incurred, and bond financing costs, and to provide funds to make loans to finance the costs of eligible facilities.
     (18) perform any other acts necessary and convenient to carry out the purposes of this chapter.

     History: En. Sec. 7, Ch. 703, L. 1983; amd. Sec. 48, Ch. 281, L. 1983; amd. Sec. 5, Ch. 477, L. 1997; amd. Sec. 4, Ch. 479, L. 1997.