Section 720.6 - Powers and duties (Adm. Code Section 2806-C)The authority, as a public corporation and governmental instrumentality exercising public powers of the Commonwealth, is hereby granted and shall have and may exercise all powers necessary or appropriate to carry out and effectuate the purposes of this article, including the following powers, in addition to others herein granted:
(1) To conduct examinations and investigations and to take testimony, under oath or affirmation, at public or private hearings, on any matter material for its information and necessary to the determination and approval of energy development project loan applications.(2) To have existence for a term of fifty years, or until its existence shall be terminated by law.(3) To sue and be sued, implead and be impleaded, complain and defend in all courts.(4) To adopt, use and alter at will a corporate seal.(5) To make bylaws for the management and regulation of its affairs and to make and, from time to time, amend and repeal rules and regulations governing the conduct of the business of the authority.(6) To seek technical determinations on project applications.(7) To make contracts of every name and nature and to execute all instruments necessary or convenient for the carrying on of its business.(8) To accept grants from and to enter into contracts or other transactions with any Federal agency.(9) To take title by foreclosure or otherwise to any project or other property pledged, mortgaged, encumbered or otherwise available as security for a project financed in whole or in part by the authority, whether by loan, loan guarantee or otherwise where such acquisition is necessary to protect the interests of the authority with respect to a project and to pay all costs arising out of such acquisition from moneys held in the Energy Development Fund and to sell, transfer and convey all or any portion of any such project to any responsible buyer.(10) To purchase mortgages and to make payments of mortgages on any project where such purchase or payment is necessary to protect any loan or loan guarantee previously made by the authority, and to sell, transfer, convey or assign any such mortgage. Moneys so used by the authority in the purchase of any mortgage, or any payments thereon, shall be withdrawn from the Energy Development Fund, and any moneys derived from the sale of any mortgages shall be deposited by the authority in such fund.(11) To lease, lease with an option to purchase, sell by installment sale or otherwise, or to otherwise dispose of, any or all of its projects, for such rentals or amounts and upon such terms and conditions as the authority may deem proper.(12) To finance projects by making loans to persons to provide funds for project costs.(13) To guarantee loans of money made to persons, upon such terms and conditions as the authority may prescribe, relating to projects.(14) To make grants to fund research projects.(15) To collect fees and charges, as the authority determines to be reasonable, relating to activities undertaken in furtherance of the purposes of this article.(16) To borrow money for the operation and work of the authority by the making of notes and by the issuance of bonds in accordance with the provisions of this article.(17) 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 bonds of the authority.(18) To receive appropriations and apply for and accept grants, gifts, donations, bequests and settlements from any public or private source. Funds received by the authority shall be deposited in the Energy Development Fund and used for the purposes of the authority.1929, April 9, P.L. 177, art. XXVIII-C, § 2806-C, added 1982, Dec. 14, P.L. 1213, No. 280, § 2, effective in 60 days.