Title 45
Towns and Cities

Chapter 59
District Management Authorities

§ 45-59-10. Powers of authority.

Except as its powers may be limited by the petition, the district management authority will have the power:

(1) To have perpetual succession unless a limited period of duration is stated in the petition;

(2) To sue and be sued, complain and defend, in its corporate name;

(3) To have a corporate seal which may be altered at pleasure, and to use the seal by causing it, or a facsimile of the seal, to be impressed or affixed or in any other manner reproduced;

(4) To purchase, take, receive, lease, take by gift, devise or bequest, or otherwise acquire, own, hold, improve, use and otherwise deal in and with real or personal property or any interest in property, wherever situated, and without restriction as to amount;

(5) To sell, convey, mortgage, pledge, lease, exchange, transfer and otherwise dispose of all or any part of its property and assets;

(6) To purchase, take, receive, subscribe for, or otherwise acquire, own, hold, vote, use, employ, sell, mortgage, lend, pledge or otherwise dispose of, and otherwise use and deal in and with, shares or other interests in, or obligations of domestic or foreign corporations, whether for profit or not for profit, limited liability companies, associations, partnerships or individuals, or direct or indirect obligations of the United States, or of any other government, state, territory, governmental district or municipality or of any instrumentality thereof;

(7) To make contracts and guarantees and incur liabilities, borrow money, for periods of three (3) years or less, at such rates of interest as the district management authority may determine, issue its notes and other obligations, guarantee debts and secure any of its obligations by mortgage or pledge of all or any of its property, assets and income;

(8) To lend money for its purposes, invest and reinvest its funds, and to take and hold real and personal property as security for the payments of funds so loaned or invested;

(9) To elect or appoint officers and agents of the district management authority and to define their duties and fix their compensation;

(10) To make and alter bylaws, not inconsistent with the petition or with the laws of this state, for the administration and regulation of the affairs of the district management authority;

(11) To accept grants or funds from the state and from nonprofit corporations;

(12) To have and exercise all other powers necessary or convenient to effect any or all of the purposes for which the district management authority is created.