§ 42-34-7. Powers. The authority is authorized and empowered:

(1) To adopt bylaws for the regulation of its affairs and the conduct 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 the state as it may designate;

(4) To sue and be sued in its own name, plead and be impleaded; service of process in any action shall be made by service upon the manager of the authority either in hand or by leaving a copy of the process at the office of the manager with some person having charge thereof;

(5) To employ such assistants, agents and other employees as may be necessary or desirable for its purposes, all of whom shall be in the classified service of the state; to contract for and engage consultants; and to utilize the services of other governmental agencies;

(6) To accept from a federal agency, loans or grants for use in carrying out its purposes, and to enter into agreements with that agency respecting any such loans or grants;

(7) In connection with the insuring of payments of any mortgage, to request for its guidance a finding of the planning board of the municipality, or if there is no planning board, a finding of the municipal officers of the municipality, in which the industrial project is proposed to be located, or of the regional planning board of which the municipality is a member, as to the expediency and advisability of the project;

(8) To enter into agreements with prospective mortgagees and mortgagors, for the purpose of planning, designing, constructing, acquiring, altering, and financing industrial projects;

(9) To acquire, purchase, manage and operate, and hold and dispose of real and personal property, to take assignments of rentals and leases, and make and enter into all contracts, leases, agreements, and arrangements necessary or incidental to the performance of its duties;

(10) To enter into agreements with a mortgagee as to the manner of pursuing remedies in the event of a default and the application of any proceeds derived from those remedies against the authority's obligations to insure incurred under § 42-34-10, after determining that the agreements will, in the opinion of the authority, further the purposes of this chapter or protect the mortgage insurance fund. Any such agreement shall not operate so as to make any insurance issued under § 42-34-10 void or voidable;

(11) When in the opinion of the authority it is necessary or advisable, in order to further the purposes of this chapter or to safeguard the mortgage insurance fund, to purchase, acquire, take assignments of notes, mortgages, and other forms of security and evidences of indebtedness, to purchase, acquire, attach, seize, accept, or take title to any industrial or recreational project by conveyance or when an insured mortgage thereon is clearly in default, by foreclosure, and to sell, lease, or rent an industrial or recreational project for a use specified in § 42-34-6, or for any other use;

(12) To exercise all of the powers which a private insurance company engaged in the business of insuring mortgages would have, to the extent that those powers are not inconsistent with the provisions or purposes of this chapter;

(13) To report annually to the governor and the general assembly as to the activities of the authority for the previous fiscal year;

(14) To do all acts and things necessary or convenient to carry out the powers expressly granted in this chapter; provided, however, that in all matters concerning the internal administrative functions of the authority the purchasing procedures of the state relating to office space, supplies, facilities, materials, equipment, and professional services, shall be followed;

(15) To determine whether or not a building facility, development, or improvement and the land upon which it is located, if any, is or will constitute a recreational project. Any determinations made by the authority under this subdivision and subdivision (16) of this section shall be deemed final and conclusive and not subject to review directly or indirectly;

(16) To determine whether or not such a project will tend to accomplish the purposes of this chapter;

(17) To do all acts and things necessary or convenient to carry out the powers expressly granted in this chapter; provided, however, that in all matters concerning the internal administrative functions of the authority the purchasing procedures of the state relating to office space, supplies, facilities, materials, equipment, and professional services, shall be followed.

History of Section. (P.L. 1958, ch. 91, § 8; P.L. 1975, ch. 170, § 6; P.L. 1987, ch. 537, § 3; P.L. 1988, ch. 84, § 28; P.L. 2011, ch. 224, § 1; P.L. 2011, ch. 315, § 1.)