15-1682. Powers

399 words·~2 min read·/az/title-15/15-1682

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The board shall have power for each institution, as defined in this article, to:

1. Acquire, if authorized by the legislature, any project or projects, or any combination thereof, and to secure indirect or third-party financing for or own, operate and maintain the same and establish, own, operate and maintain a system of building facilities.

2. Acquire by purchase, contract, lease-purchase, lease or gift, and hold or dispose of, real or personal property or rights or interest therein.

3. Accept grants, subsidies or loans of monies from a federal agency, or others, on such terms and conditions as may be imposed, and to pledge the proceeds of grants, subsidies or loans of monies received or to be received from the United States of America or any agency or instrumentality thereof, or others, pursuant to agreements entered into between the board and the United States of America, or any agency or instrumentality thereof, or others.

4. Borrow monies and issue bonds to acquire any one project, or more than one, or any combination thereof, if authorized by the legislature, and to refund bonds heretofore or hereafter issued to acquire any project or projects, or to refund any such refunding bonds, or for any one, or more than one, or all of such purposes, or any combination thereof, and to provide for the security and payment of such bonds and for the rights of the holders thereof.

5. Make contracts and leases and execute all instruments and perform all acts and do all things necessary or convenient to carry out the powers granted in this article.

6. Retain in its treasury:

(a)All monies received from the sale of all bonds issued under this article.

(b)All fees, tuitions, rentals and other charges from students, faculty, staff members and others using or being served by, or having the right to use or the right to be served by, or to operate, any project.

(c)All fees for student activities and student services and all other fees, tuitions and charges collected from students matriculated, registered or otherwise enrolled at and attending each institution pledged under the terms of any resolution authorizing bonds pursuant to this article.

(d)All rentals from any facility or building leased to the United States of America.

7. Obtain lines of credit for cash management or liquidity purposes and to issue commercial paper as provided in section 15-1696.