The authority is authorized and empowered:

(a)  To adopt an official seal.

(b)  To sue and be sued in its own name.

(c)  To do all things generally necessary or convenient to carry out its powers and the purposes under this division.

(d)  To make temporary loans from those funds set aside for its administrative costs to state financing authorities or advisory commissions created by a statute which takes effect on or after January 1, 1981, and which designates the State Treasurer as the chairperson, such loans to be returned with interest as specified by § 16314 of the Government Code.

(Amended by Stats. 1981, Ch. 1091.)