provisions).
(4) Apply for, accept and administer grants and loans to
carry out the purposes of the authority.
(5) Accept money from both public and private sources,
consistent with Federal and State law.
(6) Take, hold, administer, assign, lend, encumber,
mortgage, invest or otherwise dispose of, at public or
private sale, on behalf of the authority and for any of the
authority's purposes, real property, personal property and
money or any interest therein, including any mortgage or loan
interest owned by the authority or under its control or in
its possession and the income therefrom either absolutely or
in trust. The following apply:
(i) The board may acquire property or money for such
purpose by purchase or lease and by the acceptance of
gifts, grants, bequests, devises or loans, but no
obligation of the authority shall be a debt of the
Commonwealth, and the authority shall have no power to
pledge the credit or taxing power of the Commonwealth nor
to make its debts payable out of any money except those
of the corporation.
(ii) All accrued and future earnings from money
invested by the board and such other accrued and future
nonappropriated funds, including, but not limited to,
those funds obtained from the Federal Government and
contributions, shall be available to the authority and
shall be deposited in the State Treasury and may be
utilized at the discretion of the board for carrying out
any of the corporate purposes of the authority. Any
placement of the funds by the State Treasurer in
20190HB0248PN0217 - 10 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30