Section 34A-14-6 - Powers of authority.
34A-14-6. Powers of authority. The authority may:
(1) Have perpetual succession as a body politic and corporate exercising essential public functions;
(2) Promulgate rules, pursuant to chapter 1-26, to regulate its affairs, to carry into effect the powers and purposes of the authority, to conduct its business, to establish the standards, form, and procedures for loans from the fund or any account in the fund, to establish standards and procedures for securing obligations owed to the fund or any account in the fund, and to establish standards and procedures for utilizing the fund or any account in the fund directly or indirectly as security for financings authorized by this chapter;
(3) Sue and be sued in its own name;
(4) Have an official seal and alter it at will;
(5) Maintain an office at such place or places within the state as it may designate;
(6) Make and execute contracts and all other instruments necessary or convenient for the performance of its duties and the exercise of its powers and functions under this chapter;
(7) Employ fiscal consultants, engineers, attorneys, and such other consultants and employees as may be required;
(8) Procure insurance against any loss in connection with any property and other assets of the authority and any interests in such property and assets whether as owner, mortgagee, secured party, pledgee, or lessor, including loans and loan notes and other obligations in such amounts and from such insurers as it may deem advisable;
(9) Borrow money, enter into loan and financing arrangements and issue bonds as provided by this chapter;
(10) Procure insurance, guarantees, or letters of credit from any public or private entities, including any department, agency, or instrumentality of this state or the United States, for payment of any bonds issued by the authority, including the power to pay premiums on any such insurance, guarantees, or letters of credit;
(11) Receive and accept from any source aid or contributions of moneys, property, labor, or other things of value to be held, used, and applied to carry out the purposes of this chapter, subject to the conditions upon which the grants or contributions are made, including, but not limited to, gifts or grants from any department, agency, or instrumentality of this state or the United States for any purpose consistent with the provisions of this chapter;
(12) Enter into agreements with any department, agency, or instrumentality of the United States or this state and with lenders and enter into loan agreements, sales contracts, leases, or any other agreements with lenders or any other persons or contracting parties for the purpose of planning, regulating, and providing for the financing of any petroleum marketing and business enterprises;
(13) Enter into contracts or agreements with lenders for the servicing and processing of loans;
(14) Provide technical assistance to local public bodies and to profit and nonprofit entities in the development or operation of petroleum marketing and business enterprises and distribute data and information concerning the encouragement and improvement of petroleum marketing and business enterprises in a safe and environmentally correct manner;
(15) To the extent permitted under its contract with the holders of bonds of the authority or under any other financing agreements to which the authority is a party or by which it is bound, consent to any modification with respect to the rate of interest, time and payment of any installment of principal or interest, or any other term of any contract, loan, loan note commitment, contract, lease, or agreement of any kind to which the authority is a party;
(16) To the extent permitted under its contract with the holders of bonds of the authority or under any other financing agreements to which the authority is a party or by which it is bound, enter into contracts with any borrower, lessee, or lender containing provisions enabling it to reduce the rental or carrying charges to persons unable to pay the regular schedule or charges when, by reason of other income or payment by any department, agency, or instrumentality of the United States or of this state, the reduction can be made without jeopardizing the economic stability of the other petroleum marketing or business enterprise being financed pursuant to such bond issue or financing agreement;
(17) Invest proceeds of any bonds not needed for immediate disbursement in the manner permitted by the instruments securing such bonds;
(18) Collect fees and charges, as the authority determines to be reasonable, in connection with any loans, leases, advances, guarantees, insurance, commitments, servicing, and any other financing arrangements as contemplated in this chapter;
(19) Cooperate with and exchange services, personnel and information with any federal, state, or local governmental agency;
(20) Sell or otherwise transfer or dispose of, at public or private sale, with or without public bidding, at par or at any premium or discount as the authority deems reasonable, any loan, lease, contract, or other obligation held by the authority;
(21) Take or hold any mortgages, deeds of trust, notes, debentures, bonds, security interests, pledges, or similar interests in any real or personal property in connection with any transaction authorized in this chapter and foreclose any mortgages, deeds of trust, notes, debentures, bonds, and other security interests held by it, either by action or by exercise of a power of sale, and to sell the equity of redemption in said security interests in accordance with the terms of said instruments and applicable state law, and to take all other actions necessary to enforce any obligation held by it;
(22) Purchase the equity of redemption in any such mortgage, deed of trust, debenture, bond, or other security interest;
(23) Mortgage, pledge, assign, or grant security interests in any or all of its notes or other instruments, contract rights, leases, loan agreements, or other property, including, but not limited to, any receipts from insurance on or guarantees of any of its notes or other instruments, contract rights, leases, or loan agreements as security for the payment of the principal of and premiums, if any, and interest on any bonds or other obligations issued or held by the authority, or as security for any agreements made in connection therewith, whether then owned or thereafter acquired, and to pledge the properties and revenues from which said bonds are payable and any funds or accounts relating to such obligations, including funds established under § 34A-13-20 to the extent permitted therein and herein, as security for the payment of the principal of and interest on said bonds or amounts due on such obligations and any agreements made in connection therewith;
(24) Enter into agreements for management on behalf of the authority of any of its properties and assets upon such terms and conditions as may be mutually agreeable;
(25) Sell, exchange, donate and convey any or all of its properties and assets whenever the board shall find such action to be in furtherance of the purposes for which the corporation was organized;
(26) Do any act and execute any instrument which in the authority's judgment is necessary or convenient to the exercise of the powers granted by this chapter, or reasonably implied from it;
(27) Own, acquire, encumber, transfer, and dispose of real and personal property and other assets and interests therein, including but not limited to interests as mortgagee, secured party, pledgee, or lessor, in connection with any loan or other financing arrangement authorized under this chapter; and
(28) In the exercise of any of its powers and authority, take into account such economic and financial factors as the authority may deem appropriate to best accomplish its purposes and to permit the remarketing of loans and the ongoing financing of capital investments to protect the environment, health and welfare of the citizens of the state as provided in this chapter.
At no time may the authority obligate more than two million dollars of the fund assets for financing.
Source: SL 1988, ch 290, § 45; SL 1989, ch 310, § 11; SL 1990, ch 292, § 24.