§ 1513. Powers.

(a) Powers.--The authority may do all of the following:

(1) Adopt bylaws and guidelines proposed by the department as necessary.

(2) Sue and be sued, implead and be impleaded, interplead, complain and defend in any court.

(3) Adopt, use and alter a corporate seal.

(4) Establish accounts necessary or desirable for its corporate purposes.

(5) Employ an executive director.

(6) Retain attorneys, accountants, auditors and financial experts to render services and engage the services of other advisors, consultants and agents as necessary. For the purposes of this paragraph, the authority shall be considered an independent agency for purposes of the act of October 15, 1980 (P.L.950, No.164), known as the Commonwealth Attorneys Act.

(7) Pay or satisfy obligations of the authority.

(8) Contract and execute instruments, including financing agreements, letter of credit agreements, liquidity agreements, guarantees, sureties, mortgages, loans, standby loan commitments and contracts of insurance, which are necessary or appropriate for carrying on the business of the authority. This power includes the ability to make and execute contracts for the servicing of loans and mortgages acquired by the authority.

(9) Borrow money, issue bonds, obtain lines and letters of credit and incur debt.

(10) Pledge the credit of the authority and provide security and liquidity to obligees of the authority as the authority deems necessary or appropriate.

(11) Use or pledge an account for a special purpose, including debt service reserves and other reserves, as may be necessary or desirable to carry out its powers and duties.

(12) Negotiate modifications or alterations to financing agreements, mortgages or security interests.

(13) Foreclose on a mortgage or security interest in default.

(14) Commence any action necessary to protect or enforce any right conferred upon the authority by law, mortgage, security agreement, contract or other agreement.

(15) Bid for or purchase property which was the subject of a mortgage or security interest at a foreclosure or other sale and acquire and take possession of that property.

(16) Impose and collect fees and charges in connection with loan commitments and servicing, including reimbursement of costs of financing.

(17) Acquire, accept, purchase, receive, collect, hold, convey and invest funds, fees and property, whether tangible or intangible, from all sources, directly or by assignment, pledge or otherwise.

(18) Sell, transfer, convey and dispose of any property, whether tangible or intangible.

(19) Acquire and sell loans, mortgages and security interests at public or private sale.

(20) Provide financial assistance to applicants and project users.

(21) Agree to and comply with conditions attached to Federal or Commonwealth assistance not inconsistent with the provisions of this chapter.

(22) Make rules regarding the operation of properties and facilities of the authority subject to agreements with obligees of the authority.

(23) Develop, adopt and implement binding policies or guidelines assuring all of the following:

(i) All persons are accorded equal opportunity in employment and contracting associated with the programs established under Subchapter E (relating to programs). This paragraph includes the authority's contractors, subcontractors, assignees, lessees, agents, vendors and suppliers.

(ii) Contracting parties demonstrate diversity in ownership of equity interests.

(24) Exercise rights provided by law for the benefit or protection of the authority or obligees of the authority.

(25) Invest money of the authority not required for immediate use, including proceeds from the sale of bonds, as the board determines, subject to any agreement with bondholders stated in the authorizing resolution providing for the issuance of bonds.

(26) Procure insurance against any loss in connection with its programs, property and other assets.

(27) Promulgate regulations and adopt guidelines and statements of policy containing restrictions as it may deem necessary and appropriate to effectuate the public purposes of this chapter.

(28) Negotiate and enter into interest rate exchange agreements, interest rate cap agreements, collar agreements, corridor agreements, ceiling agreements, floor agreements, forward agreements, float agreements and other similar arrangements which, in the judgment of the authority, will assist the authority in managing the interest costs of the authority.

(29) Enter into agreements with applicants and project users providing, among other things, for any of the following:

(i) Financial assistance.

(ii) Loan, rental or purchase price payments or other payments, sufficient to amortize the principal, interest and premium, if any, of bonds and contractual obligations of the authority incurred to provide funds to pay the costs of the projects being financed.

(iii) The applicants or project users to pay or cause to be paid all other costs of acquiring, constructing, maintaining and operating the projects being financed.

(iv) Conveyance with or without consideration of any part or all of a project being financed to the project user or applicant on or before payment of all bonds and contractual obligations of the authority incurred with respect to the project.

(v) Other matters as are customary or as are deemed necessary and appropriate by the authority.

(30) Do any appropriate act necessary or convenient to:

(i) carry out and effectuate the purposes of this chapter; or

(ii) exercise the powers set forth in this subsection, including any act reasonably implied from those powers.

(b) Duties.--The authority shall do all of the following:

(1) Administer the programs established in Subchapter E in accordance with this chapter.

(2) Fund the programs established in Subchapter E and 12 Pa.C.S. Ch. 29 (relating to machinery and equipment loans) subject to Subchapter D (relating to funds, accounts, indebtedness and use).

Cross References. Section 1513 is referred to in sections 1504, 1512 of this title.