The authority is hereby granted, has and may exercise all powers necessary or appropriate to carry out and effectuate its corporate purposes, including, without limitation, the following:
(a)  sue and be sued in its own name;

Terms Used In Idaho Code 67-6409

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Authority: means the Idaho state building authority created and established pursuant to section 67-6403, Idaho Code. See Idaho Code 67-6402
  • Community college district: means any community college district organized and existing under chapter 21, title 33, Idaho Code. See Idaho Code 67-6402
  • Contract: A legal written agreement that becomes binding when signed.
  • Facility: means any work or undertaking, whether new construction or rehabilitation, which is designed and financed pursuant to the provisions of this act and designed for use as an office building, laboratory, library, dining room, instructional facility, motor vehicle parking, storage or service facility or for any other use by any state body or community college district and all other real or personal properties which are necessary, convenient, or desirable appurtenances, such as but not limited to streets, sewers, utilities, parks, site preparation, landscaping, and such equipment which may be necessary to constitute a fully equipped and modern building as the authority determines to be necessary or convenient to accomplish the purposes of this act. See Idaho Code 67-6402
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Personal property: includes money, goods, chattels, things in action, evidences of debt and general intangibles as defined in the uniform commercial code — secured transactions. See Idaho Code 73-114
  • Personal property: All property that is not real property.
  • Property: includes both real and personal property. See Idaho Code 73-114
  • seal: includes an impression of such seal upon the paper, alone, as well as upon wax or a wafer affixed thereto; or, alternatively, the seal may be the mark of a rubber stamp providing substantially the same information as the impression. See Idaho Code 73-111
  • State: means the state of Idaho. See Idaho Code 67-6402
  • State body: means any department, board, commission, or agency of the state of Idaho. See Idaho Code 67-6402
(b)  have an official seal and to alter the same at pleasure;
(c)  have perpetual succession;
(d)  maintain an office at such place or places within this state as it may designate;
(e)  adopt and from time to time amend and repeal bylaws and rules and regulations, not inconsistent with this chapter, to carry into effect the powers and purposes of the authority and the conduct of its business;
(f)  make and execute contracts and all other instruments necessary or convenient for the exercise of its powers and functions;
(g)  acquire real or personal property, or any interest therein, on either a temporary or long-term basis in the name of the authority by gift, purchase, transfer, foreclosure, lease or otherwise including rights or easements; hold, sell, assign, lease, encumber, mortgage or otherwise dispose of any real or personal property, or any interest therein, or mortgage interest owned by it or under its control, custody or in its possession and release or relinquish any right, title, claim, lien, interest, easement or demand however acquired, including any equity or right of redemption in property foreclosed by it and to do any of the foregoing by public sale, with such public bidding as shall be required by the provisions of any other law;
(h)  to lease or rent any lands, buildings, structures, facilities or equipment from private parties to effectuate the purposes of this act;
(i)  to enter into agreements or other transactions with and accept grants and the cooperation of the United States or any agency thereof or of the state of Idaho or any agency or governmental subdivision thereof in furtherance of the purposes of this act, including but not limited to the development, maintenance, operation and financing of any facility and to do any and all things necessary in order to avail itself of such aid and cooperation;
(j)  to receive and accept aid or contributions from any source of money, property, labor or other things of value, to be held, used and applied to carry out the purposes of this act subject to such conditions upon which such grants and contributions may be made, including, but not limited to, gifts or grants from any department or agency of the United States or this state or any community college district for any purpose consistent with this act;
(k)  to employ architects, engineers, attorneys, accountants, building construction and financial experts and such other advisors, consultants and agents as may be necessary in its judgment and to fix their compensation;
(l)  to procure insurance against any loss in connection with its property and other assets in such amounts and from such insurers as it deems desirable;
(m)  to invest any funds not needed for immediate use or disbursement, including any funds held in reserve, in:
(1)  bonds, notes and other obligations of the United States or any agency or instrumentality thereof and other securities secured by such bonds, notes or other obligation;
(2)  money market funds which are insured or the assets of which are limited to obligations of the United States or any agency or instrumentality thereof;
(3)  time certificates of deposit and savings accounts;
(4)  commercial paper which, at the time of its purchase, is rated in the highest category by a nationally recognized rating service; and
(5)  property or securities in which the state treasurer may invest funds in the state treasury pursuant to section 67-1210, Idaho Code.
(n)  to borrow money and issue bonds and notes or other evidences of indebtedness thereof as hereinafter provided;
(o)  to the extent permitted under its contract with the holders of bonds, notes and other obligations of the authority to consent to any modification of any contract, lease or agreement of any kind to which the authority is a party;
(p)  to manage or operate real and personal property, in the state, take assignments of leases and rentals, proceed with foreclosure actions, or take any other action necessary or incidental to the performance of its corporate duties;
(q)  to make and enter into all contracts and agreements necessary or incidental to the performance of its duties and the execution of its powers under this chapter;
(r)  to plan, carry out, acquire, lease and operate facilities and to provide for the construction, reconstruction, improvement, alteration or repair of any facility or part thereof;
(s)  to sell, lease, rent or sublease to any state body or community college district, any facility or any space embraced in any facility constructed or leased under this act, to establish and revise the rents or charges therefor and to do any other acts necessary to the management and operation of its facilities;
(t)  to do any act necessary or convenient to the exercise of the powers herein granted or reasonably implied therefrom.