§39A-252  Department powers as to privatenonsectarian and sectarian elementary schools, secondary schools, colleges, anduniversities.  In addition to powers that it may now have, the departmentshall have all powers necessary or convenient to accomplish the purposes ofthis part.  The powers of the department include but are not limited to thefollowing:

(1)  Notwithstanding and without compliance withsection 103-7 and chapter 103D, but with the approval of the governor, to:

(A)  Enter into and carry out a projectagreement or an amendment or supplement to an existing project agreement with aproject party; and

(B)  Enter into and carry out any agreement,whereby the obligation of a project party under a project agreement will beunconditionally guaranteed by a person other than a project party;

(2)  To issue special purpose revenue bonds pursuantto and in accordance with this part;

(3)  To lend the proceeds of the special purposerevenue bonds issued for a project to the project party for use and applicationby the project party for the acquisition, purchase, construction,reconstruction, improvement, betterment, extension, or refinancing ofoutstanding obligations related to a project;

(4)  As security for the payment of the principal,premium, if any, and interest of the special purpose revenue bonds issued forthis project, to:

(A)  Pledge, assign, hypothecate, or otherwiseencumber all or any part of the revenues and receipts derived or to be derivedby the department under the project agreement for the project for which thespecial purpose revenue bonds are issued;

(B)  Pledge and assign the interest and rightsof the department under the project agreement or other agreement with respectto the project or the special purpose revenue bonds;

(C)  Pledge and assign any bond, debenture,note, or other evidence of indebtedness received by the department with respectto the project; or

(D)  Any combination of the foregoing;

(5)  To extend or renew any project agreement or anyother agreement related to the project agreement; provided that any renewal orextension shall be subject to the approval of the governor unless made inaccordance with provisions for the extension or renewal contained in a projectagreement or related agreement theretofore approved by the governor; and

(6)  To do any and all things necessary or convenientto carry out its purposes and exercise the powers given and granted in thispart.

When the department finances or refinances a projectby the issuance of special purpose revenue bonds as contemplated by this part,the State shall not exercise the power of eminent domain to acquire a projector any part of the project for lease or transfer to a project party, nor shallthe State operate a project on behalf of a project party. [L 2002, c 257, pt of§1; am L 2006, c 292, §8]

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