Section 5505-A - Purposes and powers; general(a) Every Authority incorporated under this article shall be a public body, corporate and politic, exercising public powers of the Commonwealth as an agency thereof, and shall be for the purpose of acquiring, holding, constructing, improving, maintaining and operating, owning, leasing, either in the capacity of lessor or lessee, public auditoriums, the purpose and interest of this article being to benefit the people of the Commonwealth by, among other things, increasing their commerce and prosperity and promoting their educational, cultural, physical, civic, social and moral welfare.(b) Every Authority is hereby granted and shall have and may exercise all powers necessary or convenient for the carrying out of the aforesaid purpose, including, but without limiting the generality of the foregoing, the following rights and powers: (1) To have existence for a term of fifty (50) years and for such further period or periods as may be provided in articles of amendment approved under section 2504-A hereof.(2) To sue and be sued, implead and be impleaded, complain and defend in all courts.(3) To adopt, use and alter at will a corporate seal.(4) To acquire, purchase, hold, receive, lease as lessee and use any franchise, property, real, personal or mixed, tangible or intangible, or any interest therein, necessary or desirable for carrying out the purpose of the Authority, and to sell, lease as lessor, permit the use of, transfer and dispose of any property or interest therein or any project or part thereof, at any time acquired or constructed by it.(5) To acquire by purchase, lease or otherwise and to construct, improve, maintain, repair and operate projects.(6) To make bylaws for the management and regulation of its affairs.(7) To appoint agents, employes and servants, to prescribe their duties and to fix their compensation.(8) To fix, alter, charge and collect rentals, admissions, license fees and other charges for the purpose of providing for the payment of the expenses of the Authority, the construction, improvement, repair, maintenance and operation of its facilities and properties, the payment of the principal of and interest on its obligations and to fulfill the terms and provisions of any agreements made with the purchasers or holders of any such obligations or with the incorporating county or city.(9) To borrow money, make and issue negotiable notes, bonds, refunding bonds and other evidences of indebtedness or obligations (herein called "bonds") of the Authority, said bonds to have a maturity date not longer than forty (40) years from the date of issue, except that no refunding bonds shall have a maturity date later than the life of the Authority, and to secure the payment of such bonds or any part thereof by pledge or deed of trust of all or any of its revenues and receipts and to make such agreements with the purchasers or holders of such bonds or with others in connection with any such bonds, whether issued or to be issued, as the Authority shall deem advisable, and, in general, to provide for the security for said bonds and the rights of the holders thereof.(10) To make contracts of every name and nature and to execute all instruments necessary or convenient for the carrying on of its business.(11) Without limitation of the foregoing, to borrow money and accept grants from, and to enter into contracts, leases, licenses or other transactions with, any Federal agency, the Commonwealth, municipality, private person, association, partnership, corporation or authority created under this or any other act of the General Assembly of Pennsylvania.(12) To have the power of eminent domain.(13) To pledge, hypothecate or otherwise encumber all or any of the revenues or receipts of the Authority as security for all or any of the obligations of the Authority.(14) To do all acts and things necessary or convenient for the promotion of its business and the general welfare of the Authority to carry out the powers granted to it by this article or any other acts.(15) To enter into contracts of group insurance for the benefit of its employes and to set up a retirement or pension fund for such employes.(c) The Authority shall have no power at any time or in any manner to pledge the credit or taxing power of the Commonwealth or any political subdivision, nor shall any of its obligations be deemed to be obligations of the Commonwealth or of any of its political subdivisions, nor shall the Commonwealth or any political subdivision thereof be liable for the payment of principal of or interest on such obligations.1953, July 28, P.L. 723, No. 230, § 2505-A, added 2000, Oct. 30, P.L. 616, No. 85, § 6, imd. effective.