§ 9-7-105 — Community development authority; general powers and duties

Wyoming § 9-7-105

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 7: COMMUNITY DEVELOPMENT, AND SCIENCE, TECHNOLOGY
• Art. 1: COMMUNITY DEVELOPMENT AUTHORITY

Text

(a) For the purposes of this act, the authority may:
(i) Sue and be sued and procure necessary liability
insurance;
(ii) Have a seal;
(iii) Make and execute contracts and other
instruments, including financial contracts and instruments which
the authority determines are reasonable and advisable to carry
out the purposes and programs of the authority;
(iv) Adopt rules and regulations for its
organization, for special meetings of the board, for internal
management and for its loans, projects, economic development
projects, operations, properties and facilities, including
regulations governing the purchase, sale, rental, use,
occupancy, maintenance, repair and alteration of housing
projects. The rules and regulations shall be filed pursuant to
the Wyoming Administrative Procedure Act;
(v) Acquire or contract to acquire by grant,
purchase, option or otherwise, real, personal or mixed property
or any interest in property;
(vi) Own, hold, clear, improve and rehabilitate, and
sell, assign, exchange, transfer, convey, lease, mortgage or
otherwise dispose of, or encumber the same;
(vii) Sell, lease, assign, transfer, convey,
exchange, mortgage or otherwise dispose of or encumber any
project or economic development project, and in the case of the
sale of any project or economic development project, accept a
purchase money mortgage in connection with the sale, and lease,
repurchase or otherwise acquire and hold any project or economic
development project which the authority has sold, leased or
otherwise conveyed, transferred or disposed of;
(viii) Grant options to purchase any project or
economic development project or to renew any leases entered into
by it in connection with any of its projects or economic
development projects, on terms and conditions it considers
advisable;
(ix) Prepare plans, specifications, designs and cost
estimates for the construction, reconstruction, rehabilitation,
improvement, alteration or repair of any project or economic
development project, and modify the plans, specifications,
designs or estimates;
(x) Manage any project or economic development
project, whether owned or leased by the authority, and enter
into agreements for managing any project or economic development
project;
(xi) Provide advisory, consultative or educational
services, technical assistance and advice to any person in order
to carry out the purposes of the authority;
(xii) Borrow money and issue its negotiable bonds and
provide for the rights of the holders thereof;
(xiii) Mortgage or pledge any or all of its revenue,
income, projects or economic development projects whether owned
or later acquired, and assign or pledge the leases on any
portion of the projects or economic development projects as
security for the payment of the principal and interest on any
bonds issued and any agreements made in connection therewith;
(xiv) Deposit or invest any funds of the authority as
provided in W.S. 9-7-116;
(xv) Procure insurance against any loss in connection
with its property and other assets and operations in amounts and
from insurers it deems desirable including, without limitation,
participating with the federal government or any agency or
instrumentality thereof or any private insurer in any insurance
or guaranty program;
(xvi) Engage the services of consultants on a
contract basis for rendering professional, financial and
technical assistance and advice;
(xvii) Contract for and accept any gifts or grants or
loans of funds or property or financial or other aid in any form
from the federal government or any agency or instrumentality
thereof, or from any other source and pass through or otherwise
comply, subject to the provisions of this act, with the terms
and conditions thereof;
(xviii) Purchase loans from mortgage lenders,
including construction loans or advances, or participations
therein, subject to W.S. 9-7-106, and sell or otherwise dispose
of the loans;
(xix) Make loans to mortgage lenders under terms and
conditions requiring the proceeds to be used by the mortgage
lenders to make mortgages on residential real property, subject
to W.S. 9-7-106;
(xx) Enter into loan servicing agreements with any
mortgage lender in this state at reasonable fees;
(xxi) Consent to the modification of the terms of any
mortgage, loan or contract to which the authority is a party,
subject to any contract with bondholders;
(xxii) Make loans, including loans to mortgage
lenders to enable the lenders to make loans, to finance
projects, including construction loans and advances, under terms
and conditions, and with security therefore, as the authority
deems appropriate. The authority shall not make any loan, other
than loans to mortgage lenders, which is a first lien loan to a
homeowner with respect to single family residential property.
(b) The authority shall:
(i) Cooperate with the director of the state
department of audit and its own auditors to develop and adopt
guidelines relative to the proper handling and accounting for
receipts and disbursements of the authority and other financial
and administrative policies which shall generally correspond to
normal business practices required of financial institutions;
(ii) Provide by rule and regulation that any person
assuming a mortgage loan under this chapter shall qualify under
existing authority rules and regulations to the extent that
rules for qualifying are not in conflict with federal programs.
(c) Repealed by Laws 1988, ch. 87, § 3.