P.R. Laws tit. 12, § 1255
The Authority shall have all of the powers necessary and convenient to carry out and accomplish the purposes and provisions of this chapter including, but without being limited to, the power:
(a) To adopt bylaws for the administration of its affairs and business and to prescribe rules, regulations and standards in connection with the performance of its functions and duties.
(b) To adopt an official seal and alter the same at will.
(c) To maintain an office in the municipality of San Juan and in any other place as it may deem necessary.
(d) To sue and be sued in its own name, to plead and be impleaded.
(e) To receive, administrate and comply with the conditions and requirements regarding any gift, grant or donation of any property or money.
(f) To make and execute financing and lease agreements and other instruments necessary or convenient for the exercising of the powers and functions conferred on the Authority under this chapter, including contracts with persons, federal, and local agencies. Local agencies are hereby authorized to enter into contracts and otherwise cooperate with the Authority to facilitate the financing, acquisition, construction, operation or maintenance of any project.
(g) To acquire by purchase, lease, donation, or otherwise obtain options for the acquisition or lease of any real or personal improved or unimproved, encumbered or unencumbered property, and rights on land, even if inferior than the fee simple thereon, for the construction, operation or maintenance of any project as the Authority may deem necessary; Provided, however, That the Authority shall not be required to acquire any right on property in connection with the financing of any project.
(h) To require, when the Authority so deems it necessary, that arrangements or contracts be made in the projects with any municipality, local agency or instrumentality of the Commonwealth of Puerto Rico for the planning, replanning, construction, opening, grading and closing of streets, highways, roads, alleys or other places, or so that public utility services or goods or services in connection with any project be provided.
(i) To sell, lease, assign, transfer, convey, exchange, mortgage, or otherwise dispose of or encumber any project. It may also lease, reacquire or otherwise obtain, entitle or hold any project which the Authority has previously sold, leased or otherwise conveyed, transferred or disposed of.
(j) To grant options for the purchase of any project or the renewal of any lease entered into by it in connection with any of its projects, on such terms and conditions as it may deem advisable.
(k) To pledge or assign any moneys, rents, fees or any other revenues, as well as the proceeds derived from the sale of properties, and compensations under the provisions of insurance policies or condemnation awards.
(l) To borrow money and issue bonds of the Authority in evidence thereof for the purpose of providing funds to pay for all or any part of the cost of one or more projects and any refinancing bonds, and to grant loans to financial institutions under such terms and conditions that require that the product of said loans be used by said financial institutions to grant loans to users for the partial or total funding of the cost of one or more projects.
(m) To mortgage or pledge for the payment of the principal of and interest on any bonds issued or any financing agreement made in connection therewith, any or all the projects, whether owned then or acquired subsequently, and to pledge the revenues and receipts therefrom, and to assign or pledge the financing agreement or agreements in connection with any portion or all of said projects and any type of security, lien or contract rights given by or on behalf of the debtor or any guarantor under the financing agreement, including bonds, debentures, or notes, whether secured or unsecured, stock, a guaranty of the financing agreement, or any other security agreement, and to assign or pledge the income received by virtue of any financing agreement or agreements.
(n) To construct, acquire, own, repair, maintain, extend, improve, rehabilitate, renovate, furnish and equip any projects, or cause them to be constructed, acquired, repaired, maintained, extended, improved, rehabilitated, renovated, furnished or equipped, and to pay all or any part of the costs thereof, from the proceeds of bonds of the Authority, or from any contribution, gift or donation or other funds made available to the Authority for such purposes.
(o) To fix, impose and collect rents, fees and other charges for the use of any project.
(p) To contract the services of consulting engineers, architects, attorneys, accountants, health care consultants, financial advisors, appraisers, and such other consultants and employees as may be required, in the judgment of the Authority, and to fix and pay their remuneration from funds available to the Authority therefor.
(q) To contract the services of one or more financial institutions for the origination, service and administration of loans to be granted to users by said financial institutions to pay for the costs of projects with funds loaned by the Authority to said financial institutions.
(r) To exercise the powers vested in it and to perform any act or activity necessary, convenient or desirable to carry out its purposes.
History —June 27, 1977, No. 121, p. 310, § 5, June 12, 1978, No. 48, § 5; Aug. 12, 1995, No. 195, § 2.