2005 North Carolina Code - General Statutes § 159D-69. Powers and duties of Authority.

§ 159D‑69.  Powers and duties of Authority.

(a)       Powers. – The Authority has all of the powers necessary or convenient to carry out this Article, including the following powers:

(1)       To adopt bylaws for the regulation of its affairs and the conduct of its business and to prescribe rules and policies in connection with the performance of its functions and duties.

(2)       To adopt and modify an official seal.

(3)       To maintain an office at any place within the State as it may determine.

(4)       To apply for, accept, and utilize grants, contributions, and appropriations in order to carry out its duties as provided in this Article.

(5)       To employ, contract with, direct, and supervise all personnel and consultants and to enter into other contracts as necessary to accomplish the purposes of this Article, within the resources available to the Authority for that purpose.

(6)       To review and recommend changes in laws, rules, programs, and policies of the State and its agencies and subdivisions to further the enhancement of the life sciences construction financing infrastructure within the State.

(b)       Duties. – The Authority has the following duties:

(1)       To establish an organizational structure and operational procedures to administer the Authority's programs.

(2)       To examine various alternatives for encouraging the expansion of North Carolina's life sciences manufacturing industry by the use of credit enhancement vehicles such as revenue bonds and otherwise.

(3)       To establish proposed guidelines for the deployment, oversight, promotion, monitoring, and management of these credit enhancement vehicles.

(4)       To collaborate and coordinate with State, regional, and local agencies, The University of North Carolina System, the North Carolina Biotechnology Center, the State Treasurer, and private entities in order to develop and foster a life sciences credit enhancement infrastructure for the benefit of the citizens of North Carolina.

(5)       To develop the detailed procedures that could be employed to identify and qualify applicants for credit enhancement programs, including procedures to evaluate the scientific, business, and financial qualifications of these applicants.

(6)       To receive and process test or pro forma applications from potential applicants for credit enhancement programs to demonstrate the need for the programs and to assess and collect fees from the potential applicants to cover the costs of processing and reviewing the applications. (2003‑435, 2nd Ex. Sess., s. 7.1.)