§ 39-16-8. Powers of authority. The authority shall have power:

(1) To acquire property by voluntary purchase from the owner or owners thereof; and if the authority deems it advisable, to acquire any of the properties through the purchase of stock and obligations of a corporation owning the property and the dissolution of the corporation. The owner or owners of any property which the authority is herein authorized to acquire are hereby authorized to sell or otherwise transfer the same to the authority, and in the case of a sale or other transfer of property pursuant to this provision it shall be lawful to dissolve the corporation, any other provision of law to the contrary notwithstanding.

(2) To own and operate, maintain, repair, improve, enlarge, and extend, in accordance with the provisions of this chapter, any property acquired hereunder all of which, together with the acquisition of the property, are hereby declared to be public purposes.

(3) To produce, distribute, and sell water within or without the territorial limits of the district.

(4) To sue and be sued.

(5) To adopt and alter a corporate seal.

(6) To acquire, hold, use, lease, sell, transfer and dispose of any property, real, personal, or mixed, or interest therein for its corporate purposes, and to mortgage, pledge, or lease any such property; provided, however, that in the case of any sale or proposed sale of any real property hereunder, the authority shall first grant to the city or town in which the real property, or any part thereof, is situated the right to purchase the real property, or portion thereof situated within its boundaries, upon the same terms and conditions as the authority offers or proposes to offer to any other prospective purchaser.

(7) To make bylaws for the management and regulation of its affairs.

(8) To borrow money for any of its corporate purposes, including the creation and maintenance of working capital, and to issue negotiable bonds, notes, or other obligations and to fund or refund the same.

(9) To fix rates and collect charges for the use of the facilities of or services rendered by or any commodities furnished by the authority, such as to provide revenues sufficient at all times to pay, as the same shall become due, the principal and interest on the bonds of the authority, together with the maintenance of proper reserves therefor, in addition to paying, as the same shall become due, the expense of operating and maintaining the properties of the authority, together with proper reserves for depreciation, maintenance, and contingencies and all other obligations and indebtedness of the authority. The authority shall charge any city, county, or town for the use of any facility of or service rendered by or any commodities furnished to it by the authority at rates applicable to other users taking similar service.

(10) To contract in its own name for any lawful purpose which would effectuate the provisions of this chapter; to execute all instruments necessary to carry out the purposes of this chapter; and to do all things necessary or convenient to carry out the powers expressly granted by this chapter; provided, however, that the full faith, credit, and taxing power of the state or of any city, county, town, or other political subdivision shall never be pledged, nor shall any bond, note, or other evidence of indebtedness of the authority constitute the obligation of the state or of any city, county, town, or other political subdivision, but shall be solely the obligation of the authority. It is the intention of the legislature that any property acquired by the authority pursuant to the provisions of this chapter shall be financed as a self-liquidating enterprise, and that any indebtedness incurred by the authority shall be payable solely from the earnings or revenues derived from all or part of the property acquired by the authority.

(11) To enter into cooperative agreements with cities, counties, towns, or water companies within or without the district for the interconnection of facilities or for any other lawful corporate purposes necessary or desirable to effect the purposes of this chapter.

History of Section. (P.L. 1946, ch. 1740, § 3; G.L. 1956, § 39-16-8; P.L. 1971, ch. 63, § 1; P.L. 1990, ch. 16, § 1.)