35-806 - Arizona Statutes

35-806. Corporate powers A. In addition to the powers granted corporations by title 10, or otherwise, the corporation shall have the following powers, together with all powers incidental thereto or necessary or convenient for the performance of the following: 1. To issue bonds to carry out any of its purposes. 2. To pay compensation for professional and other services as the board of directors shall deem necessary for the business of the corporation. 3. To acquire by purchase, exchange, gift, lease or otherwise and to construct, improve and equip pollution control facilities. 4. To sell for cash or terms, exchange and convey pollution control facilities whenever its board of directors finds such action to be in furtherance of the purposes of the corporation. 5. To lease pollution control facilities and collect rent therefor and terminate any such lease upon the failure of the lessee to comply with any of the lease obligations. 6. To make secured or unsecured loans for the purpose of financing or refinancing the acquisition, construction, improvement or equipping of pollution control facilities, to charge and collect interest on such loans and pledge the proceeds of loan agreements as security for the payment of the principal and interest of bonds, or designated issues of bonds, issued by the corporation and any agreements made in connection therewith, whenever the board of directors finds such loans to be in furtherance of the purposes of the corporation. 7. To mortgage, pledge or otherwise encumber any or all of its properties, or any part or parts thereof, whether then owned or later acquired and to pledge the revenues and receipts from such properties as security for the payment of the principal and interest of bonds or designated issues of bonds, issued by the corporation and any agreements made in connection therewith. 8. To invest funds of the corporation as the board of directors shall direct. 9. To acquire and hold obligations of any kind to carry out any of its purposes. 10. To enter into contracts and execute any agreements or instrument and do any other act necessary or appropriate to carry out its purposes. B. The corporation shall not have the power to operate any pollution control facility as a business other than as lessor.