§ 14-188-109 - Powers of authority generally. - Arkansas Statutes

14-188-109. Powers of authority generally.

A rural development authority shall constitute a public body corporate and politic, exercising public and essential government functions and having all the powers necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, including, but not limited to, the following powers in addition to others granted in this chapter:

(1) (A) To sue and be sued;

(B) To have a seal and alter it at pleasure;

(C) To have perpetual succession;

(D) To make and execute contracts and other instruments necessary or convenient to the exercise of the powers of the authority; and

(E) To amend and repeal rules and regulations, from time to time, not inconsistent with this chapter to carry into effect the powers and purposes of the authority;

(2) (A) To borrow money and otherwise contract indebtedness;

(B) To issue its bonds or other evidence of indebtedness; and

(C) To secure the payment of it by mortgage or pledge of any or all of its property, assets, rights, privileges, licenses, rights-of-way, easements, revenues, or income;

(3) Within its area of operation:

(A) To prepare, acquire, lease, and operate development projects; and

(B) To engage in all related activities which have as their objective the long-range economic development of the county;

(4) (A) To arrange or contract for the furnishing by any person or agency, public or private, of services, privileges, works, or facilities for, or in connection with, a development project; and

(B) Notwithstanding anything to the contrary contained in this chapter or in any other provision of law, to include in any contract let in connection with a project, stipulations requiring that the contractor and any subcontractors comply with any conditions which the federal government may have attached to its financial aid of the project;

(5) (A) To own, hold, and improve real or personal property;

(B) To purchase, lease, obtain options upon, acquire by gift, grant, bequest, devise, or otherwise, any real or personal property, or any interest in it;

(C) To sell, lease, exchange, transfer, assign, pledge, or dispose of any real or personal property or any interest in it;

(D) To insure or provide for the insurance of any real or personal property, or operations of the authority, against any risk or hazards;

(E) To procure insurance or guarantees from the federal government of the payment of any debts, or parts of them, secured by mortgages on any property included in any of its projects;

(6) (A) To invest any funds held in reserves or sinking funds, or any funds not required for immediate disbursement, in property or securities in which savings banks may legally invest funds subject to their control;

(B) To purchase its bonds at a price not more than their principal amount, with accrued interest;

(7) Within its area of operation, to investigate into unemployment, underemployment, and economic underdevelopment, and into the means of improving these conditions; and

(8) To exercise all, or any part or combination of, the powers granted in this section.