12E.8 General powers.
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/ia/chapter-12e-tobacco-settlement-authority/12e-8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. The authority has all the general powers necessary to carry out its purposes and duties and to exercise its specific powers, including but not limited to all of the following powers:
a. The power to issue its bonds and to enter into other funding options as provided in this chapter.
b. The power to have perpetual succession as a public instrumentality and agency of the state, until dissolved in accordance with this chapter.
c. The power to sue and be sued in its own name.
d. The power to make and execute agreements, contracts, and other instruments, with any public or private person, in accordance with this chapter.
e. The power to hire and compensate legal counsel, notwithstanding chapter 13.
f. The power to hire investment advisors and other persons as necessary to fulfill its purpose.
g. The power to invest or deposit moneys of or held by the authority in any manner determined by the authority, notwithstanding chapter 12B or 12C.
h. The power to procure insurance, other credit enhancements, and other financing arrangements, and to execute instruments and contracts and to enter into agreements convenient or necessary to facilitate financing arrangements of the authority and to fulfill the purposes of the authority under this chapter, including but not limited to such arrangements, instruments, contracts, and agreements as municipal bond insurance, liquidity facilities, interest rate agreements, and letters of credit.
i. The power to accept appropriations, gifts, grants, loans, or other aid from public or private entities.
j. The power to adopt rules, consistent with this chapter and in accordance with chapter 17A, as the board determines necessary.
k. The power to acquire, own, hold, administer, and dispose of property.
l. The power to determine, in connection with the issuance of bonds, and subject to the sales agreement, the terms and other details of financing, and the method of implementation of the program plan.
m. The power to perform any act not inconsistent with federal or state law necessary to carry out the purposes of the authority.
2. The authority is exempt from the requirements of chapter 8A, subchapter III.