2012 Pennsylvania Consolidated Statutes
Title 64 - PUBLIC AUTHORITIES AND QUASI-PUBLIC CORPORATIONS
Chapter 15 - Commonwealth Financing Authority
Section 1513 - Powers

     § 1513.  Powers.
        (a)  Powers.--The authority may do all of the following:
            (1)  Adopt bylaws and guidelines proposed by the
        department as necessary.
            (2)  Sue and be sued, implead and be impleaded,
        interplead, complain and defend in any court.
            (3)  Adopt, use and alter a corporate seal.
            (4)  Establish accounts necessary or desirable for its
        corporate purposes.
            (5)  Employ an executive director.
            (6)  Retain attorneys, accountants, auditors and
        financial experts to render services and engage the services
        of other advisors, consultants and agents as necessary. For
        the purposes of this paragraph, the authority shall be
        considered an independent agency for purposes of the act of
        October 15, 1980 (P.L.950, No.164), known as the Commonwealth
        Attorneys Act.
            (7)  Pay or satisfy obligations of the authority.
            (8)  Contract and execute instruments, including
        financing agreements, letter of credit agreements, liquidity
        agreements, guarantees, sureties, mortgages, loans, standby
        loan commitments and contracts of insurance, which are
        necessary or appropriate for carrying on the business of the
        authority. This power includes the ability to make and
        execute contracts for the servicing of loans and mortgages
        acquired by the authority.
            (9)  Borrow money, issue bonds, obtain lines and letters
        of credit and incur debt.
            (10)  Pledge the credit of the authority and provide
        security and liquidity to obligees of the authority as the
        authority deems necessary or appropriate.
            (11)  Use or pledge an account for a special purpose,
        including debt service reserves and other reserves, as may be
        necessary or desirable to carry out its powers and duties.
            (12)  Negotiate modifications or alterations to financing
        agreements, mortgages or security interests.
            (13)  Foreclose on a mortgage or security interest in
        default.
            (14)  Commence any action necessary to protect or enforce
        any right conferred upon the authority by law, mortgage,
        security agreement, contract or other agreement.
            (15)  Bid for or purchase property which was the subject
        of a mortgage or security interest at a foreclosure or other
        sale and acquire and take possession of that property.
            (16)  Impose and collect fees and charges in connection
        with loan commitments and servicing, including reimbursement
        of costs of financing.
            (17)  Acquire, accept, purchase, receive, collect, hold,
        convey and invest funds, fees and property, whether tangible
        or intangible, from all sources, directly or by assignment,
        pledge or otherwise.
            (18)  Sell, transfer, convey and dispose of any property,
        whether tangible or intangible.
            (19)  Acquire and sell loans, mortgages and security
        interests at public or private sale.
            (20)  Provide financial assistance to applicants and
        project users.
            (21)  Agree to and comply with conditions attached to
        Federal or Commonwealth assistance not inconsistent with the
        provisions of this chapter.
            (22)  Make rules regarding the operation of properties
        and facilities of the authority subject to agreements with
        obligees of the authority.
            (23)  Develop, adopt and implement binding policies or
        guidelines assuring all of the following:
                (i)  All persons are accorded equal opportunity in
            employment and contracting associated with the programs
            established under Subchapter E (relating to programs).
            This paragraph includes the authority's contractors,
            subcontractors, assignees, lessees, agents, vendors and
            suppliers.
                (ii)  Contracting parties demonstrate diversity in
            ownership of equity interests.
            (24)  Exercise rights provided by law for the benefit or
        protection of the authority or obligees of the authority.
            (25)  Invest money of the authority not required for
        immediate use, including proceeds from the sale of bonds, as
        the board determines, subject to any agreement with
        bondholders stated in the authorizing resolution providing
        for the issuance of bonds.
            (26)  Procure insurance against any loss in connection
        with its programs, property and other assets.
            (27)  Promulgate regulations and adopt guidelines and
        statements of policy containing restrictions as it may deem
        necessary and appropriate to effectuate the public purposes
        of this chapter.
            (28)  Negotiate and enter into interest rate exchange
        agreements, interest rate cap agreements, collar agreements,
        corridor agreements, ceiling agreements, floor agreements,
        forward agreements, float agreements and other similar
        arrangements which, in the judgment of the authority, will
        assist the authority in managing the interest costs of the
        authority.
            (29)  Enter into agreements with applicants and project
        users providing, among other things, for any of the
        following:
                (i)  Financial assistance.
                (ii)  Loan, rental or purchase price payments or
            other payments, sufficient to amortize the principal,
            interest and premium, if any, of bonds and contractual
            obligations of the authority incurred to provide funds to
            pay the costs of the projects being financed.
                (iii)  The applicants or project users to pay or
            cause to be paid all other costs of acquiring,
            constructing, maintaining and operating the projects
            being financed.
                (iv)  Conveyance with or without consideration of any
            part or all of a project being financed to the project
            user or applicant on or before payment of all bonds and
            contractual obligations of the authority incurred with
            respect to the project.
                (v)  Other matters as are customary or as are deemed
            necessary and appropriate by the authority.
            (30)  Do any appropriate act necessary or convenient to:
                (i)  carry out and effectuate the purposes of this
            chapter; or
                (ii)  exercise the powers set forth in this
            subsection, including any act reasonably implied from
            those powers.
        (b)  Duties.--The authority shall do all of the following:
            (1)  Administer the programs established in Subchapter E
        in accordance with this chapter.
            (2)  Fund the programs established in Subchapter E and 12
        Pa.C.S. Ch. 29 (relating to machinery and equipment loans)
        subject to Subchapter D (relating to funds, accounts,
        indebtedness and use).

        Cross References.  Section 1513 is referred to in sections
     1504, 1512 of this title.