Section 305 - Powers of the Authority; generalThe Authority, as a public corporation and governmental instrumentality exercising public powers of the Commonwealth, is hereby granted and shall have and may exercise all powers necessary or appropriate to carry out and effectuate the purposes of this act, including the following powers, in addition to others herein granted:
(a) To make determination and designation of critical economic areas;(b) To co-operate with industrial development agencies in their efforts to promote the expansion of industrial, manufacturing and research and development activity in critical economic areas;(c) To determine, upon proper application of industrial development agencies, whether the declared public purpose of this act has been accomplished or will be accomplished by the establishment by such industrial development agencies of an industrial development project in a critical economic area;(d) To conduct examinations and investigations and to hear testimony and take proof, under oath or affirmation, at public or private hearings, on any matter material for its information and necessary to the determination and designation of critical economic areas and the establishment of industrial development projects therein;(e) To issue subpoenas requiring the attendance of witnesses and the production of books and papers pertinent to any hearing before such Authority, or before one or more members of the Authority appointed by it to conduct such hearing;(f) To apply to any court, having territorial jurisdiction of the offense, to have punished for contempt any witness who refuses to obey a subpoena, or who refuses to be sworn or affirmed or to testify, or who is guilty of any contempt after summons to appear;(g) To authorize any member or members of such Authority to conduct hearings and to administer oaths, take affidavit and issue subpoenas;(h) To make, upon proper application of industrial development agencies, loans to such industrial development agencies of moneys held in the Industrial Development Fund or other accounts of the Authority for industrial development projects in critical economic areas and to provide for the repayment and redeposit of such allocations and loans in the manner hereinafter provided;(i) To have existence for a term of fifty years from July 1, 1980;(j) To sue and be sued, implead and be impleaded, complain and defend in all courts;(k) To adopt, use and alter at will a corporate seal;(l) To make by-laws for the management and regulation of its affairs;(m) To appoint officers, agents, employes and servants; and to prescribe their duties and to fix their compensation, within the limitations provided by law;(n) To make contracts of every name and nature and to execute all instruments necessary or convenient for the carrying on of its business;(o) Without limitation of the foregoing, accept grants from, and to enter into contracts or other transactions with any Federal agency;(p) To take title by foreclosure to any industrial development project where such acquisition is necessary to protect any loan previously made therefor by the Authority and to pay all costs arising out of such foreclosure and acquisition from moneys held in the Industrial Development Fund or other accounts of the Authority and to sell, transfer and convey any such industrial development project to any responsible buyer; in the event such sale, transfer and conveyance cannot be effected with reasonable promptness, the Authority may, in order to minimize financial losses and sustain employment, lease such industrial development project to a responsible tenant or tenants; the Authority shall not lease industrial development projects except under the conditions and for the purposes cited in this section;(q) To purchase first mortgages and to make payments on first mortgages on any industrial development project where such purchase or payment is necessary to protect any loan previously made therefor by the Authority, and to sell, transfer, convey and assign any such first mortgage. Moneys so used by the Authority in the purchase of any first mortgages, or any payments thereon, shall be withdrawn from the Industrial Development Fund, and any moneys derived from the sale of any first mortgages shall be deposited by the Authority in the Industrial Development Fund;(r) To borrow money and to issue notes, bonds or other evidences of the indebtedness created thereby and to secure the payment of such notes, bonds or other evidences of the indebtedness or any part thereof by pledge or assignment of all or any of the mortgages of the Authority, its revenues and receipts therefrom or its revenues generally, and to make such agreements with the lenders or with purchasers or holders of bonds or with others in connection with any such borrowings as the Authority shall deem advisable; Provided, however, That the Authority shall have no power at any time to pledge the credit or taxing power of the Commonwealth or any of its municipalities or political subdivisions, nor shall any of its obligations be deemed to be obligations of the Commonwealth or any of its political subdivisions.
1956, May 17, P.L. (1955) 1609, § 5. Amended 1961, July 18, P.L. 793, § 1; 1963, July 10, P.L. 221, § 3; 1973, Sept. 27, P.L. 257, No. 73, §1; 1980 , May 15, P.L. 131, No. 49, § 2, imd. effective; 1988 , July 13, P.L. 534, No. 95, § 3, effective 7/1/1988.