§ 5-1-4-10 — Powers of authority

Indiana § 5-1-4-10

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1: BONDS AND OTHER OBLIGATIONS
• Ch. 4: Hospital Bonding Authorities

Text

Powers of Authority. The purpose of each
authority shall be to assist participating hospitals in the constructing,
financing and refinancing of projects, and for this purpose each
authority is authorized and empowered:
(a) to have perpetual succession as a body politic and corporate and
to adopt by-laws for the regulation of its affairs and the conduct of its
business;
(b) to adopt an official seal and alter the same at its pleasure;
(c) to maintain an office at such place or places as it may designate;
(d) to sue and be sued in its own name, and plead and be impleaded;
(e) to determine the location and character of any project to be
financed under the provisions of this chapter, and to construct,
reconstruct, renovate, replace, maintain, repair, operate, lease, as lessee
or lessor, and regulate the same, to enter into contracts for any or all of
such purposes, to enter into contracts for the management and
operation of a project, and to designate a participating hospital as its
agent to determine the location and character of a project undertaken
by such participating hospital under the provisions of this chapter and
as the agent of the authority, to construct, reconstruct, renovate,
replace, maintain, repair, operate, lease, as lessee or lessor, and
regulate the same, and as the agent of the authority, to enter into
contracts for any or all of such purposes, including contracts for the
management and operation of such project;
(f) to issue bonds and other obligations of the authority for any of its
corporate purposes, and to fund or refund the same, all as provided in
this chapter;
(g) generally, to fix and revise from time to time and charge and
collect rates, rents, fees and charges for the use of and for the services
furnished or to be furnished by a project or any portion thereof and to
contract with any person, partnership, association, limited liability
company, or corporation or other body public or private in respect
thereof, including a contract with or the granting of an option to the
lessee to purchase the project for such price and on such conditions as
the authority in its sole discretion determines to be appropriate, after
retirement or redemption, or provision therefor, of all the bonds issued
to provide funds for the project;
(h) to establish rules and regulations for the use of a project or any
portion thereof and to designate a participating hospital as its agent to
establish rules and regulations for the use of a project undertaken by
such participating hospital;
(i) to employ consulting engineers, architects, attorneys,
accountants, construction and financial experts, superintendents,
managers, and such other employees and agents as may be necessary
in its judgment, and to fix their compensation;
(j) to receive and accept from any public agency loans or grants for
or in aid of the construction of a project or any portion thereof, and to
receive and accept loans, grants, aid or contributions from any source
of either money, property, labor or other things of value, to be held,
used and applied only for the purposes for which such loans, grants, aid
and contributions are made;
(k) to mortgage all or any portion of any project and any other
facilities conveyed to the authority for such purpose and the site or sites
thereof, whether presently owned or subsequently acquired, for the
benefit of the holders of the bonds of the authority issued to finance
such project or any portion thereof or issued to refund or refinance
outstanding indebtedness of a participating hospital as permitted by this
chapter;
(l) to make loans to any participating hospital for the cost of any
project in accordance with an agreement between the authority and
such participating hospital provided that no such loan shall exceed the
total cost of such project as determined by such participating hospital
and approved by the authority;
(m) to make loans to a participating hospital to refund outstanding
obligations, mortgages, or advances issued, made, or given by such
participating hospital for the cost of its facility or facilities, including
the power to issue bonds and make loans to a participating hospital to
refinance indebtedness incurred for facilities undertaken and prior
thereto whenever the authority finds that such financing is in the public
interest, and either: (1) alleviates a financial hardship upon the
participating hospital; (2) results in a lesser cost of patient care and a
saving to third parties, including state or federal governments, and to
others who must pay for such care; or (3) enables the participating
hospital to offer greater security for a loan or loans to finance a new
project or projects or to effect savings in interest costs or more
favorable amortization terms;
(n) to charge to and equitably apportion among participating
hospitals its administrative costs and expenses incurred in the exercise
of the powers and duties conferred by this chapter; and
(o) to do all things necessary or convenient to carry out the purposes
of this chapter.
In carrying out the purposes of this chapter, the authority may
undertake a project for two or more participating hospitals jointly, or
for any combination thereof, and thereupon, all other provisions of this
chapter shall apply to and for the benefit of the authority and such joint
participants.
Formerly: Acts 1971, P.L.41, SEC.1; Acts 1972, P.L.10, SEC.1;
Acts 1975, P.L.35, SEC.4. As amended by P.L.8-1993,
SEC.44.