(1) In addition to any other powers specifically granted to the corporation in this article, the corporation has the following powers:
To have perpetual existence and succession as a body politic and corporate;
To adopt, amend, or repeal bylaws for the regulation of its affairs and the conduct ofits business, consistent with the provisions of this article;
To sue and be sued;
To have and to use a seal and to alter the same at its pleasure;
To maintain an office at such place as it may designate;
To borrow no more than two hundred fifty thousand dollars from a private sectorfinancial institution, or from the state, at prevailing interest rates, for the purpose of defraying expenses of the corporation incurred prior to the issuance of any notes pursuant to this article.
The final repayment date of any borrowing shall be no later than the last day of the state fiscal year in which the borrowing is undertaken, and any certificate, trust indenture, or other instrument providing for the borrowing shall expressly state that the borrowing shall be repaid on or before that date.
To issue note anticipation notes for the purpose of raising no more than two hundredfifty thousand dollars to defray expenses of the corporation incurred prior to the issuance of any notes pursuant to this article. The final maturity date of any note anticipation notes shall be no later than the last day of the state fiscal year in which the anticipation notes are issued, and any certificate, trust indenture, or other instrument providing for the issuance of anticipation notes shall expressly state that the anticipation notes shall be repaid on or before that date.
To make and execute contracts, including, but not limited to, trust agreements, trustindentures, note purchase agreements, tax regulatory agreements, continuing disclosure agreements, ancillary financial facilities, and all other instruments necessary or convenient for the exercise of its powers and functions under this article; and
To do all things necessary and convenient to carry out the purposes of this article.The powers granted to the corporation shall be liberally construed to effect the purposes of this article. However, the corporation shall not undertake any enterprise, operations, or business other than the issuance of notes as authorized by this article.
Source: L. 2005: Entire article added, p. 749, § 1, effective June 1.