§ 42-34-7 Powers. – The authority is authorized and empowered:
(1) To adopt bylaws for the regulation of its affairs and theconduct of its business;
(2) To adopt an official seal and alter it at pleasure;
(3) To maintain an office at such place or places within thestate as it may designate;
(4) To sue and be sued in its own name, plead and beimpleaded; service of process in any action shall be made by service upon themanager of the authority either in hand or by leaving a copy of the process atthe office of the manager with some person having charge thereof;
(5) To employ such assistants, agents and other employees asmay be necessary or desirable for its purposes, all of whom shall be in theclassified service of the state; to contract for and engage consultants; and toutilize the services of other governmental agencies;
(6) To accept from a federal agency, loans or grants for usein carrying out its purposes, and to enter into agreements with that agencyrespecting any such loans or grants;
(7) In connection with the insuring of payments of anymortgage, to request for its guidance a finding of the planning board of themunicipality, or if there is no planning board, a finding of the municipalofficers of the municipality, in which the industrial project is proposed to belocated, or of the regional planning board of which the municipality is amember, as to the expediency and advisability of the project;
(8) To enter into agreements with prospective mortgagees andmortgagors, for the purpose of planning, designing, constructing, acquiring,altering, and financing industrial projects;
(9) To acquire, purchase, manage and operate, and hold anddispose of real and personal property, to take assignments of rentals andleases, and make and enter into all contracts, leases, agreements, andarrangements necessary or incidental to the performance of its duties;
(10) To enter into agreements with a mortgagee as to themanner of pursuing remedies in the event of a default and the application ofany proceeds derived from those remedies against the authority's obligations toinsure incurred under § 42-34-10, after determining that the agreementswill, in the opinion of the authority, further the purposes of this chapter orprotect the mortgage insurance fund. Any such agreement shall not operate so asto make any insurance issued under § 42-34-10 void or voidable;
(11) When in the opinion of the authority it is necessary oradvisable, in order to further the purposes of this chapter or to safeguard themortgage insurance fund, to purchase, acquire, take assignments of notes,mortgages, and other forms of security and evidences of indebtedness, topurchase, acquire, attach, seize, accept, or take title to any industrial orrecreational project by conveyance or when an insured mortgage thereon isclearly in default, by foreclosure, and to sell, lease, or rent an industrialor recreational project for a use specified in § 42-34-6, or for any otheruse;
(12) To exercise all of the powers which a private insurancecompany engaged in the business of insuring mortgages would have, to the extentthat those powers are not inconsistent with the provisions or purposes of thischapter;
(13) To report annually to the governor and the generalassembly as to the activities of the authority for the previous fiscal year;
(14) To do all acts and things necessary or convenient tocarry out the powers expressly granted in this chapter; provided, however, thatin all matters concerning the internal administrative functions of theauthority the purchasing procedures of the state relating to office space,supplies, facilities, materials, equipment, and professional services, shall befollowed;
(15) To determine whether or not a building facility,development, or improvement and the land upon which it is located is or willconstitute a recreational project. Any determinations made by the authorityunder this subdivision and subdivision (16) of this section shall be deemedfinal and conclusive and not subject to review directly or indirectly;
(16) To determine whether or not such a project will tend toaccomplish the purposes of this chapter;
(17) To do all acts and things necessary or convenient tocarry out the powers expressly granted in this chapter; provided, however, thatin all matters concerning the internal administrative functions of theauthority the purchasing procedures of the state relating to office space,supplies, facilities, materials, equipment, and professional services, shall befollowed.
§ 42-34-7 Powers. – The authority is authorized and empowered:
(1) To adopt bylaws for the regulation of its affairs and theconduct of its business;
(2) To adopt an official seal and alter it at pleasure;
(3) To maintain an office at such place or places within thestate as it may designate;
(4) To sue and be sued in its own name, plead and beimpleaded; service of process in any action shall be made by service upon themanager of the authority either in hand or by leaving a copy of the process atthe office of the manager with some person having charge thereof;
(5) To employ such assistants, agents and other employees asmay be necessary or desirable for its purposes, all of whom shall be in theclassified service of the state; to contract for and engage consultants; and toutilize the services of other governmental agencies;
(6) To accept from a federal agency, loans or grants for usein carrying out its purposes, and to enter into agreements with that agencyrespecting any such loans or grants;
(7) In connection with the insuring of payments of anymortgage, to request for its guidance a finding of the planning board of themunicipality, or if there is no planning board, a finding of the municipalofficers of the municipality, in which the industrial project is proposed to belocated, or of the regional planning board of which the municipality is amember, as to the expediency and advisability of the project;
(8) To enter into agreements with prospective mortgagees andmortgagors, for the purpose of planning, designing, constructing, acquiring,altering, and financing industrial projects;
(9) To acquire, purchase, manage and operate, and hold anddispose of real and personal property, to take assignments of rentals andleases, and make and enter into all contracts, leases, agreements, andarrangements necessary or incidental to the performance of its duties;
(10) To enter into agreements with a mortgagee as to themanner of pursuing remedies in the event of a default and the application ofany proceeds derived from those remedies against the authority's obligations toinsure incurred under § 42-34-10, after determining that the agreementswill, in the opinion of the authority, further the purposes of this chapter orprotect the mortgage insurance fund. Any such agreement shall not operate so asto make any insurance issued under § 42-34-10 void or voidable;
(11) When in the opinion of the authority it is necessary oradvisable, in order to further the purposes of this chapter or to safeguard themortgage insurance fund, to purchase, acquire, take assignments of notes,mortgages, and other forms of security and evidences of indebtedness, topurchase, acquire, attach, seize, accept, or take title to any industrial orrecreational project by conveyance or when an insured mortgage thereon isclearly in default, by foreclosure, and to sell, lease, or rent an industrialor recreational project for a use specified in § 42-34-6, or for any otheruse;
(12) To exercise all of the powers which a private insurancecompany engaged in the business of insuring mortgages would have, to the extentthat those powers are not inconsistent with the provisions or purposes of thischapter;
(13) To report annually to the governor and the generalassembly as to the activities of the authority for the previous fiscal year;
(14) To do all acts and things necessary or convenient tocarry out the powers expressly granted in this chapter; provided, however, thatin all matters concerning the internal administrative functions of theauthority the purchasing procedures of the state relating to office space,supplies, facilities, materials, equipment, and professional services, shall befollowed;
(15) To determine whether or not a building facility,development, or improvement and the land upon which it is located is or willconstitute a recreational project. Any determinations made by the authorityunder this subdivision and subdivision (16) of this section shall be deemedfinal and conclusive and not subject to review directly or indirectly;
(16) To determine whether or not such a project will tend toaccomplish the purposes of this chapter;
(17) To do all acts and things necessary or convenient tocarry out the powers expressly granted in this chapter; provided, however, thatin all matters concerning the internal administrative functions of theauthority the purchasing procedures of the state relating to office space,supplies, facilities, materials, equipment, and professional services, shall befollowed.
§ 42-34-7 Powers. – The authority is authorized and empowered:
(1) To adopt bylaws for the regulation of its affairs and theconduct of its business;
(2) To adopt an official seal and alter it at pleasure;
(3) To maintain an office at such place or places within thestate as it may designate;
(4) To sue and be sued in its own name, plead and beimpleaded; service of process in any action shall be made by service upon themanager of the authority either in hand or by leaving a copy of the process atthe office of the manager with some person having charge thereof;
(5) To employ such assistants, agents and other employees asmay be necessary or desirable for its purposes, all of whom shall be in theclassified service of the state; to contract for and engage consultants; and toutilize the services of other governmental agencies;
(6) To accept from a federal agency, loans or grants for usein carrying out its purposes, and to enter into agreements with that agencyrespecting any such loans or grants;
(7) In connection with the insuring of payments of anymortgage, to request for its guidance a finding of the planning board of themunicipality, or if there is no planning board, a finding of the municipalofficers of the municipality, in which the industrial project is proposed to belocated, or of the regional planning board of which the municipality is amember, as to the expediency and advisability of the project;
(8) To enter into agreements with prospective mortgagees andmortgagors, for the purpose of planning, designing, constructing, acquiring,altering, and financing industrial projects;
(9) To acquire, purchase, manage and operate, and hold anddispose of real and personal property, to take assignments of rentals andleases, and make and enter into all contracts, leases, agreements, andarrangements necessary or incidental to the performance of its duties;
(10) To enter into agreements with a mortgagee as to themanner of pursuing remedies in the event of a default and the application ofany proceeds derived from those remedies against the authority's obligations toinsure incurred under § 42-34-10, after determining that the agreementswill, in the opinion of the authority, further the purposes of this chapter orprotect the mortgage insurance fund. Any such agreement shall not operate so asto make any insurance issued under § 42-34-10 void or voidable;
(11) When in the opinion of the authority it is necessary oradvisable, in order to further the purposes of this chapter or to safeguard themortgage insurance fund, to purchase, acquire, take assignments of notes,mortgages, and other forms of security and evidences of indebtedness, topurchase, acquire, attach, seize, accept, or take title to any industrial orrecreational project by conveyance or when an insured mortgage thereon isclearly in default, by foreclosure, and to sell, lease, or rent an industrialor recreational project for a use specified in § 42-34-6, or for any otheruse;
(12) To exercise all of the powers which a private insurancecompany engaged in the business of insuring mortgages would have, to the extentthat those powers are not inconsistent with the provisions or purposes of thischapter;
(13) To report annually to the governor and the generalassembly as to the activities of the authority for the previous fiscal year;
(14) To do all acts and things necessary or convenient tocarry out the powers expressly granted in this chapter; provided, however, thatin all matters concerning the internal administrative functions of theauthority the purchasing procedures of the state relating to office space,supplies, facilities, materials, equipment, and professional services, shall befollowed;
(15) To determine whether or not a building facility,development, or improvement and the land upon which it is located is or willconstitute a recreational project. Any determinations made by the authorityunder this subdivision and subdivision (16) of this section shall be deemedfinal and conclusive and not subject to review directly or indirectly;
(16) To determine whether or not such a project will tend toaccomplish the purposes of this chapter;
(17) To do all acts and things necessary or convenient tocarry out the powers expressly granted in this chapter; provided, however, thatin all matters concerning the internal administrative functions of theauthority the purchasing procedures of the state relating to office space,supplies, facilities, materials, equipment, and professional services, shall befollowed.
