1-16G-1.1. Authority of Board of Economic Development.

The Board of Economic Development, in order to implement this chapter, may:

(1)    Make contracts and execute all instruments;

(2)    Establish interest rates within the bounds as otherwise statutorily provided;

(3)    Collect fees and charges, as are determined to be necessary, reasonable, and proper in connection with its loans, advances, leases, grants, servicing, and other activities;

(4)    Provide for the repayment and redeposit of loan and lease payments;

(5)    Sue and be sued;

(6)    Foreclose any mortgages, deed of trust, notes, debentures, bonds, and other security interest held by it, either by action or by exercise of a power of sale, and sell the equity redemption in the security interests in accordance with the terms of instruments and applicable state law, and take any other actions necessary to enforce any obligations held by it;

(7)    Perform any act and execute any instrument which is necessary or convenient to the exercise of the powers granted by this chapter or reasonably implied from it;

(8)    Enter into agreement with any agency of the United States government to make and service loans and loan guarantees; and

(9)    Sell loans or loan guarantees at public or private sale.

Source: SL 1997, ch 7, § 1; SL 1999, ch 4, § 1.