§206M-42 Powers.

355 words·~2 min read·/hi/206m-42

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

§206M-42 Powers. In addition to any other powers granted to the development corporation by law, the development corporation may:

(1)Without compliance with chapter 103D, but with the approval of the governor, enter into a special facility lease or an amendment or supplement thereto whereby the development corporation agrees to acquire, construct, improve, install, equip, and develop a special facility solely for the use by another party to a special facility lease;

(2)With the approval of the governor, issue special facility revenue bonds in principal amounts that may be necessary to yield the amount of the cost of any acquisition, construction, improvement, installation, equipping, and development of any special facility, including, subject to paragraph (6), the costs of acquisition of the site thereof; provided that the total principal amount of the special facility revenue bonds which may be issued pursuant to the authorization of this section shall not exceed $100,000,000;

(3)With the approval of the governor, issue refunding special facility revenue bonds with which to provide for the payment of outstanding special facility revenue bonds (including any special facility revenue bonds theretofore issued for this refunding purpose) or any part thereof; provided any issuance of refunding special facility revenue bonds shall not reduce the principal amount of the bonds that may be issued as provided in paragraph (2);

(4)Perform and carry out the terms and provisions of any special facility lease;

(5)Notwithstanding section 103-7 or any other law to the contrary, acquire, construct, improve, install, equip, or develop any special facility, or accept the assignment of any contract therefor entered into by the other party to the special facility lease;

(6)Construct any special facility on land owned by the State; provided that no funds derived herein shall be expended for land acquisition; and

(7)Agree with the other party to the special facility lease whereby any acquisition, construction, improvement, installation, equipping, or development of the special facility and the expenditure of moneys therefor shall be undertaken or supervised by another person. [L 2000, c 72, pt of §1; am L 2004, c 216, §28; am L 2006, c 292, §10]