§ 42-99-6. General powers.
The corporation shall have power:
(1) To have perpetual succession.
(2) To sue and be sued, complain and defend, in its corporate name.
(3) To have a corporate seal which may be altered at its pleasure, and to use the seal
by causing it, or a facsimile of the seal, to be impressed or affixed or in any other
manner reproduced.
(4) To purchase, take, receive, lease, or otherwise acquire, own, hold, improve, use,
and otherwise deal in and with, real or personal property, or any interest therein,
wherever situated.
(5) To sell, convey, mortgage, pledge, lease, exchange, transfer, and otherwise dispose
of all or any part of its property and assets; any such transfers or dispositions
may be for nominal or other consideration, by public, or private sale, with or without
public bidding, notwithstanding the provisions of any other law.
(6) To purchase, take, receive, subscribe for, or otherwise acquire, own, hold, vote,
use, employ, sell, mortgage, lend, pledge or otherwise dispose of, and otherwise use
and deal in and with, shares or other interests in, or obligations of, other domestic
or foreign corporations, associations, partnerships or individuals, direct or indirect
obligations of the United States or of any other government, state, territory, governmental
district or municipality or of any instrumentality thereof.
(7) To make and enter into all contracts, agreements, and guarantees and incur liabilities,
borrow money at those rates of interest that the corporation may determine, issue
its notes, bonds, and other obligations, and secure any of its obligations by mortgage
or pledge of all or any of its property, franchises, and income, necessary or incidental
to the performance of its duties and the execution of its powers under this chapter.
(8) To conduct its business, carry on its operations, and have offices and exercise the
powers granted by this chapter.
(9) To elect or appoint officers and agents of the corporation, and define their duties.
(10) To make and alter bylaws, not inconsistent with this chapter.
(11) To make contracts with, and to receive and accept grants from, the state or any political
subdivision thereof, including the municipality.
(12) The corporation shall at all times have the power to sell, convey, lease, exchange,
transfer, and otherwise dispose of, any or all property previously acquired by the
corporation (which is subsequently determined to be unnecessary to the project) whether
acquired by the exercise of the right and power of eminent domain or through negotiation
and purchase or otherwise.
(13) Upon any conveyance or lease by the corporation of property previously acquired by
the corporation, irrespective of whether the property was acquired by the exercise
of the right and power of eminent domain, through negotiation and sale or otherwise,
neither the person or persons from whom the property was taken, any other former owner
or owners nor any other person or persons formerly having any estate or right or interest
in the property, shall have any preferred, special or first right to repurchase or
lease the property or any other preemptive right with respect to the property.
(14) To enter into joint ventures with third parties for the purpose of owning a hotel
or any undivided interest in a hotel, provided that the fair market value of any real
or personal property contributed to any joint venture by any third party shall be
determined by the following appraisal procedure:
(i) The corporation shall secure an independent appraisal of the fair market value of
the contributed property;
(ii) The third party shall secure a second independent appraisal of the fair market value
of the contributed property;
(iii) Following receipt of the two (2) independent appraisals, if the corporation and the
third party still do not agree on the fair market value of the contributed property,
then the two (2) appraisers selected by the parties shall select a third independent
appraiser, the cost of which shall be shared equally by the two (2) parties; and
(iv) The determination of fair market value by the third appraiser shall be binding and
conclusive of the fair market value; provided, however, the final value established
by the third appraisal may not be greater than the amount set forth in the higher
of the two (2) prior appraisals, nor may it be below the amount set forth in the lower
of the two (2) prior appraisals.
(15) To enter into an agreement with the municipality which shall provide reasonable reimbursement
to the municipality for certain public safety services and to hold the municipality
harmless for any debt service incurred by the authority in connection with the convention
center project.
(16) To have and exercise all powers necessary or convenient to effect its purposes.