348.070. Powers of authority.

537 words·~2 min read·/mo/chapter-348/348-070

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

348.070. Powers of authority. — 1. The authority shall have all of the powers necessary and convenient to carry out and effectuate the purposes and provisions of sections 348.005 to 348.180 , including, but not limited to, the power to:

(1)Sue and be sued in its own name;

(2)Have an official seal and alter the same at pleasure;

(3)Have perpetual succession; and

(4)Maintain an office at such place or places within this state as it may designate.

2. For purposes of effectuating its public purposes, the authority may:

(1)Borrow money and issue bonds as provided in sections 348.005 to 348.180 ;

(2)Procure insurance or guarantees from any public or private entities, including any department, agency, or instrumentality of the United States, for payment of any bonds issued by the authority, including the power to pay premiums on any such insurance;

(3)Receive and accept from any source aid or contributions of money, property, labor, or other things of value to be held, used, and applied to carry out the purposes of sections 348.005 to 348.180 , subject to the conditions upon which the grants or contributions are made, including, but not limited to, gifts or grants from any department, agency, or instrumentality of the United States for any purpose consistent with sections 348.005 to 348.180 ;

(4)Enter into agreements with any department, agency, or instrumentality of the United States or this state, or with any lender, and into loan agreements, sales contracts, and leases with contracting parties, for the purpose of planning, regulating, and providing for the financing and refinancing of any agricultural property and pollution control facilities or general property for small businesses;

(5)Enter into contracts or agreements with lenders for the servicing and processing of loans pursuant to sections 348.005 to 348.180 ;

(6)Provide technical assistance to local public bodies and to profit and not-for-profit entities in the development or operation of agricultural enterprises and pollution control facilities for small businesses;

(7)To the extent permitted under its contract with the holders of bonds of the authority, consent to any modification with respect to the rate of interest, time and payment of any installment of principal or interest, or any other term of any contract, loan, loan note, loan note commitment, contract, lease, or agreement of any kind to which the authority is a party; and

(8)To the extent permitted under its contract with the holders of bonds of the authority, enter into contracts with any lender containing provisions enabling it to reduce the rental or carrying charges to persons unable to pay the regular schedule of charges when, by reason of other income or payment by any department, agency, or instrumentality of the United States or of this state, the reduction can be made without jeopardizing the economic stability of the agricultural property being financed.

3. In addition to the powers specifically enumerated under the provisions of sections 348.005 to 348.180 , the authority shall have the power to do any and all things necessary or convenient to carry out its purposes and exercise the powers given and granted in sections 348.005 to 348.180 .

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(L. 1981 H.B. 681 §§ 14, 16, 22)