[§39A-282]  Department powers in the
development of low- and moderate-income housing.  In addition to powers
that it may now have, the department shall have all powers necessary or
convenient to accomplish the purposes of this part.  The powers of the department
include but are not limited to the following:



(1)  Notwithstanding and without compliance with
section 103‑7, but with the approval of the governor, to:



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



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



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



(3)  To lend the proceeds of the special purpose
revenue bonds issued for a project to the project party for use and application
by the project party for the project;



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



(A)  Pledge, assign, hypothecate, or otherwise
encumber all or any part of the revenues and receipts derived or to be derived
by the department under the project agreement for the project for which the
bonds are issued;



(B)  Pledge and assign the interest and rights
of the department under the project agreement or other agreement with respect
to 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 respect
to the project; or



(D)  Any combination of the foregoing;



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



(6)  To do any and all things necessary or convenient
to carry out its purposes and exercise the powers given and granted in this
part.



When the department finances or refinances a project
by 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 project
or any part of the project for lease or transfer to a project party, nor shall
the State operate a project on behalf of a project party. [L 2006, c 102, pt of
§2]