(a) The authority shall have the following powers, together with all powers incidental thereto or necessary to the discharge thereof in corporate form:
(1) To have succession by its corporate name for the duration of time, which may be in perpetuity, subject to Section 11-92C-20, specified in its certificate of incorporation.
(2) To sue and be sued in its own name and to prosecute and defend civil actions in any court having jurisdiction of the subject matter and of the parties; provided that the authority shall be deemed to be a governmental entity as defined in Chapter 93 of this title for the purpose of limiting the damages for which the authority may be liable.
(3) To adopt and make use of a corporate seal and to alter the seal at its pleasure.
(4) To adopt and alter bylaws for the regulation and conduct of its affairs and business.
(5) To acquire, whether by purchase, construction, exchange, gift, lease, or otherwise, and to refinance existing indebtedness on, improve, maintain, equip, and furnish one or more projects, including all real and personal properties which the board of the authority may deem necessary in connection therewith, regardless of whether or not the projects shall then be in existence.
(6) To lease to others any or all of its projects and to share and collect rent thereof, and to terminate any lease upon the failure of the lessee to comply with any of the obligations thereof.
(7) To sell, exchange, donate, or convey and to grant options to any lessee to acquire any of its projects and any or all of its properties if the board finds that action is in furtherance of the purposes for which the authority was organized.
(8) To issue its bonds for the purpose of carrying out any of its powers.
(9) To mortgage and pledge any or all of its projects, or any part or parts thereof, as security for the payment of the principal of and interest on any bonds so issued and any agreements made in connection therewith, whether then owned or thereafter acquired, and to pledge the revenues and receipts therefrom or from any thereof.
(10) To execute and deliver, in accordance with this section and Section 11-92C-9, mortgages and deeds of trust and trust indentures, or either.
(11) To finance, by loan, bond, grant, lease, or otherwise, construct, erect, assemble, purchase, acquire, own, repair, remodel, renovate, rehabilitate, modify, maintain, extend, improve, install, sell, equip, expand, add to, operate, or manage projects and to pay the costs of any project from the proceeds of bonds, or any other funds of the authority, or from any contributions or loans by persons, corporations, partnerships, either general or limited, or other entities, all of which the authority is hereby authorized to receive, accept, and use.
(12) To issue and use the proceeds of any bonds or other indebtedness thereof for the purpose of paying or loaning the proceeds thereof to pay all or any part of the cost of any project and otherwise to further or carry out the public purpose of the authority and to pay all costs of the authority incident to, or necessary and appropriate to, furthering or carrying out such purpose.
(13) To make application directly or indirectly to any federal, state, county, or municipal government or agency or to any other source, public or private, for loans, grants, guarantees, or other financial assistance in furtherance of the authority's public purpose and to accept and use the same upon the terms and conditions as are prescribed by the federal, state, county, or municipal government or agency or other source.
(14) To enter into agreements with the federal government or any agency thereof to use facilities or the services of the federal government or any agency thereof in order to further carry out the purposes of the authority.
(15) To contract for any period with this state, state institutions, or any city, town, municipality, or county of the state for the use by the authority of any facilities or services of the state or any state institution, city, town, municipality, or county, or for the use by any state institution or any city, town, municipality, or county of any facilities or services of the authority, provided the contracts deal with activities and transactions as the authority and any political subdivision with which the authority contracts are by law authorized to undertake.
(16) To extend credit or make loans to any person, corporation, partnership, either general or limited, or other entity for the costs of any project or any part of the costs of any project, which credit or loans may be evidenced or secured by loan agreements, notes, mortgages, deeds to secure debt, trust deeds, security agreements, assignments, or other instruments, or by rentals, revenues, fees, or charges, upon the terms and conditions as the authority shall determine to be reasonable in connection with the extension of credit or loans, including provision for the establishment and maintenance of reserve funds, and, in the exercise of powers granted hereby in connection with any project, the authority may require the inclusion in any loan agreement, note, mortgage, deed to secure debt, trust deed, security agreement, assignment, or other instrument of the provisions or requirements for guaranty of any obligations, insurance, construction, use, operation, maintenance, and financing of a project, and other terms and conditions, as the authority may deem necessary or desirable.
(17) To acquire, accept, or retain equitable interests, security interests, or other interests in any real property, personal property, or fixtures by loan agreement, note, mortgage, deed to secure debt, trust deed, security agreement, assignment, pledge, conveyance, contract, lien, loan agreement, or other consensual transfer in order to secure the repayment of any moneys loaned or credit extended by the authority.
(18) To appoint, employ, contract with, and provide for the compensation of officers, employees, and agents, including, without limitation, engineers, attorneys, contractors, consultants, and fiscal advisors, as the board shall deem necessary for the conduct of the business of the authority.
(19) To provide the insurance as the board may deem advisable.
(20) To make, enter into, and execute contracts, agreements, leases, and other instruments and to take other actions as may be necessary or convenient to accomplish any purpose for which the authority was organized or to exercise any power expressly granted in this chapter.
(21) To require payments in lieu of tax, to be administered in a parallel manner to state ad valorem, income, sales, and use taxes, to be made by any private user of the project to the authority, a cooperative district of which the authority is a member, any municipality, or any county, as the case may be. To enter into any agreements requiring any person to make a payment in lieu of taxes and to enforce the payment in lieu of taxes with all rights of a tax assessor or tax collector within this state collecting ad valorem taxes, sales taxes, or income taxes due to the governing body establishing the authority.
(22) To receive and use the proceeds of any tax, fee, charge, or payment in lieu of tax to pay the costs of any project or for any other purpose for which the authority may use its own funds pursuant to this chapter.
(23) To encourage and promote the retention, development, and redevelopment of any military installation or the improvement and revitalization of the local redevelopment area and to make, contract for, or otherwise cause to be made long-range plans or proposals for the local redevelopment area in cooperation with the authorizing subdivision.
(24) To exercise any power granted by the laws of this state to public or private corporations, not to include the power of eminent domain, which is not in conflict with the public purpose of the authority.
(25) To do all things necessary or convenient to carry out the powers conferred by this chapter. Nothing in this chapter shall affect any right, title, or interest in real or personal property, whether recorded or unrecorded, that is held by any person or entity engaged in providing utility services.
(26) To enter into agreements with a private user.
(27) To pursue any tax liens relating to the failure of any person to make any payments in lieu of tax.
(28) To acquire, receive, and take, by purchase, gift, lease, devise, or otherwise, and to hold property of every description, whether located in one or more counties or municipalities.
(29) To make, enter into, and execute licenses, contracts, agreements, leases, and other instruments and to take other actions as may be necessary or convenient to accomplish any purpose for which the authority was organized or to exercise any power expressly granted under this section.
(30) To plan, establish, develop, acquire, purchase, lease, construct, reconstruct, enlarge, improve, maintain, equip, and operate a project or projects or any part or combination of any thereof, whether located in one or more counties or municipalities, and to acquire franchises and easements deemed necessary or desirable in connection therewith.
(31) To assume obligations secured by a lien on or payable out of or secured by a pledge of the revenues from any project or any part of any thereof that may be acquired by the authority, any obligation so assumed to be payable by the authority solely out of the revenues derived from the operation of any project or any thereof of the authority, or any other sources of revenue, taxes, fees, or payments in lieu of tax.
(32) To pledge for payment of any bonds issued or obligations assumed by the authority any revenues from which those bonds or obligations are made payable as provided in this chapter.
(33) To execute and deliver trust indentures in accordance with this chapter.
(34) To appoint, employ, contract with, and provide for the compensation of officers, employees, and agents, including, but without limitation to, engineers, attorneys, accountants, architects, management consultants, and fiscal advisers as the business of the authority may require.
(35) To make and enforce reasonable rules governing the use of any project managed, leased, owned, or controlled by the authority, a cooperative district of which the authority is a member, or any private users.
(36) To cooperate with the United States of America, any agency or instrumentality thereof, this state, any county, municipality, or other political subdivision of the state and any public corporation, and to make contracts with them or any of them, as the board may deem advisable to accomplish the purpose for which the authority was established.
(37) To sell and convey any of its properties that may have become obsolete or worn out or that may no longer be needed or useful as a part of any project of the authority.
(38) To sell and convey, with or without valuable consideration, any of its projects or any portion thereof to any one or more counties, municipalities, or public corporations which have the corporate power to operate the project or portions thereof so conveyed and the property and income of which are not subject to taxation.
(39) To enter into a management agreement or agreements with any person for the management by the authority of any project or any part thereof upon the terms and conditions as may be mutually agreeable.
(40) To fix and revise from time to time reasonable rentals, licenses, rates, fees, and other charges for the use of any project or portion thereof owned, managed, leased, or operated by the authority, a cooperative district of which the authority is a member, or any private users, and to collect all charges imposed by the foregoing.
(41) To require any users of any of its projects or any part thereof to make a reasonable deposit with the authority in advance to insure the payment of rentals, licenses, rates, fees or charges, or costs of repair to any damage to the project and to be subject to the application to the payment thereof if and when delinquent.
(b) All projects of the authority shall be located wholly within the local redevelopment area.
Last modified: May 3, 2021