§ 25-20-405 — Powers of authority

Each authority created under this subchapter shall have the power to: (1) Have perpetual succession as a body politic and corporate; (2) Maintain offices as it may deem appropriate; (3) Execute and perform contracts; (4) Sue and be sued; (5) Apply for and receive permits, licenses, certificates, and approvals as may be necessary and own and operate facilities in accordance with this subchapter and the interlocal agreement; (6) Employ the services of all personnel necessary to its operations and, in connection therewith, adopt and implement such healthcare, disability, bonus, retirement, and other employee benefit plans as the board of commissioners shall deem appropriate; (7) Employ the services of professionals; (8) Purchase insurance, maintain reserves for self-insurance, and become self-insured for the payment of compensation under the Workers' Compensation Law, § 11-9-101 et seq., and in compliance with the requirements of § 11-9-404(a)(2) , provided that deposit of an indemnity bond, letter of credit, or securities shall not be required; (9) Plan, purchase, receive, own, hold, improve, use, repair, lease, sell, convey, exchange, transfer, assign, mortgage, pledge, and otherwise acquire, dispose of, and deal with real and personal property and any legal or equitable interest therein in its own name; (10) Apply for, receive, and use loans, grants, taxes, donations, and contributions from any public agency or other lawful source, including any proceeds from the sale of bonds; (11) Borrow money on a secured or unsecured basis, and in connection therewith, issue bonds, promissory notes, or other evidence of indebtedness and make and deliver indentures, mortgages, pledges, security agreements, financing statements, and other instruments encumbering assets of the authority; (12) Make payments to the governing body of the municipal electric utilities in such amounts as may be required or permitted by the authority's interlocal agreement and to any political subdivision in which an electric project is situated in such amounts as may be agreed to by the authority and the political subdivision; (13) Exercise other powers, privileges, and authorities as the participating municipal electric utilities shall have delegated to the authority by their interlocal agreement, subject to restrictions of applicable law; (14) Plan, construct, own, manage, operate, repair, finance, improve, extend, acquire, reconstruct, equip, sell, lease, contract concerning, deal in, dispose of, and maintain electric projects, as specified in the interlocal agreement between the governing bodies of the municipal electric utilities forming an authority; (15) Fix, charge, collect, and, from time to time, change the rates for electricity and other goods and services provided by the authority, as specified in the interlocal agreement between the governing bodies of the municipal electric utilities forming an authority; and (16) To the extent not inconsistent with applicable law, have other and further powers relating to the ownership and operation of an electric project as are now by law given to the governing body of any municipal electric utility and do all other acts and things necessary, convenient, or desirable to carry out the purposes of, and to exercise the powers granted to, the authority by this subchapter.

Legislative History

Acts 2003, No. 366, § 1.