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Title II SOVEREIGNTY, JURISDICTION AND EMBLEMS

Chapter 8

Effective - 07 Jun 2002, see footnote bottom

  *8.530.  Powers of the authority. — The authority has all the general powers to the extent necessary to carry out its purposes and duties and to exercise its specific powers to the extent necessary, including but not limited to all of the following powers:

  (1)  The power to issue its bonds and to enter into other funding options as provided in sections 8.500 to 8.565;

  (2)  The power to sue and be sued in its own name;

  (3)  The power to make and execute agreements, contracts, and other instruments, with any public or private person, in accordance with sections 8.500 to 8.565;

  (4)  The power to hire and compensate legal counsel, financial advisors, investment bankers, and other persons as necessary to fulfill its purposes, following the solicitation of qualifications for such services and the evaluation thereof by the authority;

  (5)  The power to invest or deposit moneys of or held by the authority in such deposits or investments as the state may invest, and in obligations of states and their political subdivisions that are rated in one of the two highest rating categories by a nationally recognized bond rating agency;

  (6)  The power to create funds and accounts necessary to carry out its purposes;

  (7)  The power to procure insurance, other credit enhancements, and other financing arrangements, and to execute instruments and contracts and to enter into agreements convenient or necessary to facilitate financing arrangements of the authority and to fulfill the purposes of the authority under sections 8.500 to 8.565, including but not limited to such arrangements, instruments, contracts, and agreements as municipal bond insurance, liquidity facilities, forward purchase agreements, interest rate swaps, exchange or cap or floor agreements, and letters of credit;

  (8)  The power to accept appropriations from public entities for the purpose of securing debt obligations with a maturity of not more than one year issued pursuant to section 8.545 hereof;

  (9)  The power to adopt rules, consistent with sections 8.500 to 8.565, as the board determines necessary;

  (10)  The power to acquire, own, hold, administer, and dispose of personal property;

  (11)  The power to determine, in connection with the issuance of bonds, and subject to the sales agreement, the terms and other details of any financing, and the method of implementation of the financing;

  (12)  The power to make all expenditures which are incident and necessary to carry out its purposes and powers; and

  (13)  The power to perform any act not inconsistent with federal or state law necessary to carry out the purposes of the authority.

­­--------

(L. 2002 S.B. 1191)

Effective 6-07-02

*Section terminates upon satisfaction of all outstanding notes and obligations.  See section 8.589.


---- end of effective   07 Jun 2002 ----

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@14:18:21.8 3 :)