Section 376.2 - Powers of the financing authority; generalThe financing 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 act, including, but not limited to, the following powers:
(1) To have existence until its existence shall be terminated by law.(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 make bylaws for the management and regulations of its internal affairs, and, subject to agreements with holders of its bonds, to make rules and regulations with respect to its operations, properties and facilities.(5) To appoint an executive director and any other officers, agents, and employes as it may require for the performance of its duties, and to prescribe their duties, fix their compensation, promote and discharge them within the limitations provided by law.(6) To enter into financing agreements with project applicants and project users providing, among other things: (i) for loan, lease or sale financing or other financing of projects for project applicants or project users; (ii) for loan, rental or purchase price payments or other payments sufficient to amortize the principal, interest and premium, if any, of all bonds and other obligations of the financing authority incurred to provide funds to pay the costs of the projects to be financed; (iii) for the project applicants or project users to pay or cause to be paid all other costs of acquiring, constructing, maintaining and operating the projects; (iv) for conveyance with or without consideration of any part or all of a project to the project user or project applicant on or before payment of all bonds and other obligations of the financing authority incurred with respect to such project; and (v) for such other matters as are customary in such agreements or as may be deemed necessary or appropriate by the financing authority; and to make contracts of every name and nature, and to execute all instruments necessary or convenient for the carrying on of its business.(7) To borrow money and issue bonds and other evidences of indebtedness created thereby, to secure the payment of such bonds or other evidences of the indebtedness or any part thereof by pledge, mortgage or assignment of all or any part of the property of the financing authority, its revenues and receipts therefrom or its revenues generally, and to provide for the rights of the lenders and holders thereof in accordance with the provisions of this act.(8) To acquire and sell loans, mortgages and security interests at public or private sale, to negotiate modifications or alterations in mortgages and security interests, to foreclose on any mortgage or security interest in default or commence any action to protect or enforce any right conferred upon it by any law, mortgage, security agreement, contract or other agreement, to bid for and purchase property which was the subject of such mortgage or security interest at any foreclosure or at any other sale, to acquire or take possession of any such property, and to exercise any and all rights as provided by law for the benefit or protection of the financing authority or mortgage or security interest holders.(9) To collect fees and charges in connection with its loan commitments and servicing, including, but not limited to, reimbursement of costs of financing as the financing authority shall determine to be reasonable and as shall be approved by the financing authority.(10) To make and execute contracts for the servicing of loans and mortgages acquired by the financing authority pursuant to this act, and to pay the reasonable value of services rendered to the financing authority pursuant to those contracts.(11) To accept gifts, grants, loans and other aid from the Federal Government, the Commonwealth or any political subdivision of the Commonwealth, or any person or corporation, foundation or legal entity, and to agree to and comply with any conditions attached to Federal and Commonwealth financial assistance not inconsistent with the provisions of this act.(12) To invest moneys of the financing authority not required for immediate use, including proceeds from the sale of any bonds, in such manner as the financing board shall determine, subject to any agreement with bondholders stated in the authorizing resolution providing for the issuance of bonds.(13) To procure insurance against any loss in connection with its programs, property and other assets.(14) To engage the services of attorneys, accountants and financial experts and any other advisors, consultants and agents as may be necessary in its judgment, and to fix their compensation.(15) Subject to any agreement with holders of its bonds, to obtain as security for payment of all or any part of the principal of and interest and premium on the bonds, lines of credit and letters of credit in any amounts and upon any terms as the bank may determine, and to pay any fees and expenses required in connection therewith.(16) To contract for the services of attorneys, accountants and financial experts and any other advisors, consultants and agents as may be necessary in its judgment, subject to the requirement that the chairman shall ensure that minority-owned or minority-controlled firms shall have an opportunity to participate to a significant degree in the provision of any contractual services purchased by the authority.(17) To make loans to project applicants and project users and to provide or issue alternative types of financing, including, but not limited to, standby loan commitments, guarantees and letters of credit.(18) To enter into agreements providing for the acquisition of projects comprising or including public facilities for financing purposes only.(19) To adopt rules and regulations containing such restrictions as it may deem necessary or appropriate to effectuate the public purposes of this act.(20) To finance all or part of an interagency project which meets the requirements of section 6.3(a) of this act.(21) To do any act necessary or convenient to the exercise of the foregoing powers or reasonably implied therefrom.1967, Aug. 23, P.L. 251, §6.2, added 1987 , July 10, P.L. 273, No. 48, § 3, imd. effective. Amended 1993, Dec. 17, P.L. 490, No. 74, § 7, imd. effective.