Title 45
Towns and Cities

Chapter 37.1
Industrial Facilities Corporation

§ 45-37.1-5. General grant of powers.

The corporation has the following powers, together with all powers incidental or necessary for the performance of those powers:

(1) To have perpetual succession as a public body corporate and agency of the state and to adopt bylaws for the regulation of its affairs and the conduct of its business;

(2) To sue and be sued, plead and be impleaded;

(3) To adopt an official seal and alter the seal at pleasure;

(4) To maintain an office at a place or places that it may designate;

(5) To determine the location and character of any project to be financed under the provisions of this chapter and to acquire, whether by purchase, exchange, gift, lease, or otherwise, and to construct, reconstruct, improve, maintain, equip, and furnish one or more projects, including all real and personal properties which it may deem necessary in connection therewith, and regardless of whether or not the project or projects shall then be in existence or shall then be partially or wholly constructed;

(6) Make and execute agreements of lease, conditional sales contracts, installment sales contracts, loan agreements, mortgages, construction contracts, operation contracts, and other contracts and instruments necessary or convenient in the exercise of the powers and functions of the corporation granted by this chapter;

(7) To sell, exchange, mortgage, donate, and convey any or all of its properties whenever it finds that action to be in furtherance of the purposes for which the corporation was established;

(8) To grant options to purchase any of its projects on whatever terms it may deem advisable, and to grant options to renew any leases entered into by it in connection with any of its projects on any terms it may deem advisable;

(9) To issue its bonds and notes for the purpose of carrying out any of its corporate purposes;

(10) As security for the payment of the principal of and interest on any bonds or notes so issued and any agreements made in connection therewith, to mortgage and pledge any or all of its projects or any part or parts of them, whether then owned or thereafter acquired, and to pledge their revenues and receipts or from any of them, and to assign or pledge the lease on or financing agreement in connection with any or all of the projects and to assign or pledge the income received by virtue of the lease or financing agreement;

(11) To employ, in its discretion, attorneys, accountants, architectural and engineering consultants, financial consultants, and other employees, including an executive director, and agents that it deems necessary in its judgment and to fix their compensation;

(12) To utilize the services of other governmental agencies, including, without limitation, the services of the department of economic development;

(13) To accept any gifts or grants or loans of funds or property or financial or other aid in any form from the federal government or any agency or instrumentality thereof, or from the state or from any other source, and to comply, subject to the provisions of this chapter, with their terms and conditions; and

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