§ 6-19-7 — Board of trustees; powers

The board of trustees may: A. perform all functions consistent and necessary to carry out the provisions and purposes of the Economic Advancement District Act; B. receive and expend all funds accruing to the district pursuant to the provisions of the Economic Advancement District Act from the sale of bonds, the levy of taxes, the lease or sale of property, from any gift or bequest or from any federal, state or private grant; C. enter into contracts; D. adopt and use a seal to authenticate its official transactions; E. sue and be sued; F. adopt rules and regulations for the governing of the district; G. issue bonds in the manner set forth by the provisions of the Economic Advancement District Act for the purpose of defraying the cost of acquiring, by construction and purchase, or either, any project and to secure the payment of such bonds as provided in the Economic Advancement District Act; H. acquire, whether by construction, purchase, gift or lease, one or more projects which shall be located within the district or partially within or partially without the district; provided, no district shall operate any project as a business or in any manner except as lessor thereof; I. sell or lease or otherwise dispose of any or all of its projects upon such terms and conditions as the board of trustees may deem advisable; J. refinance one or more projects; and K. make secured loans for projects as defined in the Economic Advancement District Act.

Legislative History

Laws 1987, ch. 115, § 7.