37-104-9 - General powers of Authority. - Mississippi Statutes

§ 37-104-9. General powers of Authority.
 

The purpose of the Authority shall be to assist private institutions of higher learning in the financing and refinancing of educational facility projects, and for this purpose the Authority is authorized and empowered: 
 

(a) To adopt rules and regulations for the conduct of its affairs and business; 

(b) To adopt an official seal and alter the same at its pleasure; 

(c) To maintain an office at such place or places as it may designate; 

(d) To sue and be sued in its own name; 

(e) To borrow money for any of the purposes of this chapter, and to issue revenue bonds therefor, and to provide for the rights of the holders of such bonds, all as hereinafter more particularly provided; 

(f) To enter into bond loan agreements with participating private institutions of higher learning; 

(g) To receive and accept loans, grants, aid or contributions from any source of either money, property, labor or other things of value to be held, used and applied only for the purposes for which such loans, grants, aid and contributions are made, provided that the purposes of such loans, grants, aid and contributions are not in conflict with any of the provisions of this chapter; 

(h) To charge to and apportion among participating private institutions of higher learning its administrative costs and expenses incurred in the exercise of the powers and duties conferred by this chapter; 

(i) To do all things necessary or convenient to carry out the purposes of this chapter; and 

(j) To physically inspect the educational facilities which are financed or refinanced under the provisions of this chapter, in order to determine whether the participating private institutions of higher learning, or any of their voluntary grantees, are using the educational facilities, or any parts thereof, for sectarian instruction or as places of religious worship or in connection with any parts of the programs of schools or departments of divinity of any religious denominations or sects. 
 

Sources: Laws,  1985, ch. 480, § 5; reenacted, 1991, ch. 592, § 5; reenacted, 1993, ch. 520, § 5, eff from and after July 1, 1993.