§ 42-64.10-6 - Additional general powers and duties.
SECTION 42-64.10-6
§ 42-64.10-6 Additional general powers andduties. – In addition to the powers enumerated in § 42-64.10-5, except to the extentinconsistent with any specific provision of this chapter, the corporation shallhave and may exercise additional general powers:
(a) As set forth in § 42-64-7 necessary or convenient toeffect its purposes; provided, however, that the corporation shall not have thepower to issue bonds or notes or exercise eminent domain;
(b) As a subsidiary of the Rhode Island economic developmentcorporation as provided for in § 42-64-7.1;
(c) As the Rhode Island economic development corporation'strue and lawful attorney as agent and attorney-in-fact and in the name, placeand stead of the Rhode Island economic development corporation with respect toall property of the Rhode Island economic development corporation at QuonsetBusiness Park (hereinafter referred to as "the Property") and for the purposeshereinafter set forth:
(1) To ask, demand, recover, collect, receive, hold andpossess all sums of money, debts, dues, goods, wares, merchandise, chattels,effects, bonds, notes, checks, drafts, accounts, deposits, safe deposit boxes,interests, dividends, stock certificates, certificates of deposit, insurancebenefits and proceeds, documents of title, personal and real property, tangibleand intangible property and property rights, liquidated or unliquidated, whichnow are or hereafter shall be or become due, owing, or payable in respect tothe Property, and upon receipt thereof, or of any part thereof, to make, sign,execute, and deliver such receipts, releases or other discharges for the sameas the corporation shall deem proper.
(2) To lease, purchase, exchange and acquire, and to bargain,contract, and agree for the lease, purchase, exchange, and acquisition of, andto take, receive, possess and manage any real or personal property related inany way to the Property, tangible and intangible, or any interest therein.
(3) To enter into and upon all and each of the realproperties constituting a part of or related in any way to the Property, and tolet, manage, and improve the real property or any part thereof, and to repairor otherwise improve or alter, and to insure any buildings or structuresthereon.
(4) To market and sell, either at public or private sale, orexchange any part or parts of the real or personal properties, includingindebtedness or evidence thereof, constituting a part of or related in any wayto the Property, including sales on credit, and for that purpose to execute andreceive all promissory notes, bonds, mortgages, deeds of trust, securityagreements, and other instruments which may be necessary or proper, and tobargain, contract and agree with respect to the sale or exchange of suchproperties; and to execute and deliver good and sufficient deeds, bills ofsale, assignments, or other instruments or endorsements for the conveyance ortransfer of the same; and to give receipts for all or any part of the purchaseprice or other consideration.
(5) To sign, endorse, execute, acknowledge, deliver, receive,and possess such applications, contracts, agreements, options, covenants,deeds, conveyances, trust deeds, mortgagees deeds, security agreements, billsof sale, leases, mortgages, assignments, insurance policies, bills of lading,warehouse receipts, documents of title, bills, bonds, debentures, checks,drafts, bills of exchange, notes, stock certificates, proxies, warrants,commercial paper, receipts, withdrawal receipts and deposit instrumentsrelating to accounts or deposits in, or certificates of deposit of, banks,savings and loan or other institutions or associations, proofs of loss,evidences of debts, releases, and satisfactions of mortgages, judgments, liens,security agreements, and other debts and obligations, and other instruments inwriting of whatever kind and nature as be necessary or proper in the exerciseof the rights and powers herein granted.
(6) To enter into subordination agreements, inter-creditoragreements, reinstatement agreements, "stand still" and "stand-by" agreements,modification agreements, forbearance agreements, and other contracts having theeffect of subordinating, modifying, renewing, restructuring or otherwisealtering the rights, obligations or liabilities of the economic developmentcorporation, under or with respect to any indebtedness, property or otherassets constituting or securing any Property.
(7) To make demands, give notices of default, notices ofintention to accelerate, notices of acceleration, or such other notices as thecorporation deems necessary or appropriate, and to take other actions andexercise other rights which may be taken under the terms of any loanagreements, security agreements, guaranties, or other documents or agreementsevidencing or otherwise relating to the Property, including foreclosure, lease,sale, taking possession of, realization upon or any other disposition of anyProperty or any collateral therefor or guarantee thereof.
(8) To exercise any powers and any duties vested in theeconomic development corporation as a partner, joint venturer, participant orother joint interest holder with respect to any Property, or to concur (or not)with persons jointly interested with the economic development corporation inany Property.
(9) With respect to the Property: (i) To sue on or otherwiseprosecute any claim or cause of action, or commence or seek any legal,equitable or administrative or other remedy in any legal, administrative,arbitration, mediation or other proceeding whatsoever (including, non-judicialrepossessions and foreclosures or similar actions to recover collateral); (ii)to defend, or otherwise participate for or in the name of the economicdevelopment corporation in any legal, administrative, arbitration, mediation orother proceedings; (iii) to process, determine, or adjudge any claim or causeof action for or in the name of the economic development corporation; (iv) tocompromise, settle, discharge or resolve, or make, execute, or deliver anyendorsements, acquittances, releases, receipts, or other discharges of anyclaim, cause of action, determination, judgment or other proceeding for or inthe name of the economic development corporation; and (v) to prepare, executeand file ad valorem, franchise and other tax returns, protests and suitsagainst taxing authorities, and to prepare, execute and file other governmentalor quasi-governmental reports, declarations, applications, requests anddocuments in connection with any Property, and to pay taxes in connection withthe Property as the corporation deems necessary or appropriate, or as otherwiserequired by law.
(10) Any third party shall be entitled to rely on a writingsigned by the corporation to conclusively establish the identity of aparticular Property as property for all purposes hereof.
(d) To own, hold, improve, operate, manage, and regulateutilities at the Quonset Business Park and to establish rates, fees, andcharges, to adopt regulations, and to impose penalties for any services orutilities it provides or causes to have available and to have functions andexercise powers as necessary and appropriate under the provisions of§§ 42-64-4, 42-64-7.4, 42-64-7.8, 42-64-7.9 and 42-64-9.1 –42-64-9.10, inclusive.
(e) To enter into agreements with any city, town, district orpublic corporation with regard to application and/or administration of zoningor other land use ordinances, codes, plans, or regulations, and cities, towns,districts, and public corporations are hereby authorized and empowered,notwithstanding any other law to the contrary, to enter into such agreementswith the corporation and to do all things necessary to carry out theirobligations under such agreements; in the absence of any such agreement thecorporation shall act in accordance with the provisions of § 42-64-13.
(f) To enter into agreements, including with any stateagency, city, town, district or public corporation, for the provision ofpolice, security, fire, sanitation, health protection, and other publicservices.
(g) To be exempt from taxation and to enter into agreementsfor payments in lieu of taxes as provided for in § 42-64-20.