Section 16-16-7
Powers generally.
The authority shall have the following powers:
(1) To have succession by its corporate name until the principal of and interest on all bonds issued by it shall have been fully paid;
(2) To sue and be sued and to prosecute and defend in any court having jurisdiction of the subject matter and of the parties thereto;
(3) To have and to use a corporate seal and to alter the seal at pleasure;
(4) To establish a fiscal year;
(5) To provide for the construction, reconstruction, alteration and improvement of public buildings and other facilities for public educational purposes in the state, including the procurement of sites and equipment therefor;
(6) To anticipate by the issuance of its bonds the receipt of the revenues herein appropriated and pledged;
(7) As security for the payment of the principal of and interest on its bonds, to pledge the proceeds of the appropriations and pledges herein provided for; and
(8) To appoint and employ such attorneys and agents as the business of the authority may require.
(Acts 1965, 1st Ex. Sess., No. 243, p. 331, §7.)