[§39A‑312]  Department powers as toagricultural enterprises serving important agricultural lands.  In additionto powers that it may now have, the department shall have all powers necessaryor convenient to accomplish the purposes of this part.  The powers of thedepartment include but are not limited to the following:

(1)  Notwithstanding and without compliance withsection 103-7, 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, witha project party; and

(B)  Enter into and carry out any agreementwhereby 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, maintenance of a project,or refinancing of outstanding 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 for aproject, 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 the bondsare 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 thereto; provided that any renewal or extension shallbe subject to the approval of the governor unless made in accordance withprovisions for the extension or renewal contained in a project agreement orrelated agreement previously 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 aproject by the issuance of special purpose revenue bonds as contemplated bythis part, the State shall not exercise the power of eminent domain to acquirea project or any part thereof for lease or transfer to a project party, norshall the State operate a project on behalf of a project party. [L 2006, c 148,pt of §1]