Section 7-65-109 - Purpose and powers of authority(a) Authorities are authorized to be created to conduct necessary research activity; to maintain current data leading to efficient operation of off-street parking facilities, for the fulfillment of public needs for parking and the relation of parking to public transit and other public and private transportation modes, and to pedestrian ways; to promote safe and efficient access to and circulation within certain congested areas; to establish a permanent coordinated system of parking facilities and planning, designing, locating, financing, acquiring, holding, constructing, improving, maintaining and operating, owning, leasing, either in the capacity of lessor or lessee, land and facilities to be devoted to the parking of vehicles of any kind and the integration with related transportation systems and facilities.(b) The authority may exercise all powers necessary or convenient for performing the purposes set forth in subsection (a), including, but not limited to, the following: (1) Have succession in its corporate name for the period specified in the certificate of incorporation, unless sooner dissolved as provided in § 7-65-119;(2) Sue and be sued and prosecute and defend, at law or in equity, in any court having jurisdiction of the subject matter and of the parties;(3) Have and use a corporate seal and alter the seal at pleasure;(4) Make contracts of every name and nature, including property and liability insurance, and execute all instruments necessary or convenient for the carrying on of its business;(5) Acquire, whether by purchase, construction, exchange, gift, or otherwise, lease as lessee, and improve, maintain, extend, equip and furnish one (1) or more projects, which projects may be either within or without the corporate limits of the municipality with respect to which the authority was organized, including all real, personal, mixed, tangible or intangible properties or any interest in those properties that the board of directors of the authority may deem necessary in connection with the projects, and regardless of whether or not any such projects shall then be in existence;(6) Apply for, receive and accept grants for or in aid of any of its proper purposes from the United States or any agency of the United States, and from the state, any department or agency of the state, and any political subdivision of the state, and receive and accept money, property, labor or other things of value from any source whatever;(7) Maintain and operate any or all projects of the authority as provided in § 7-65-110;(8) Lease to any individual, partnership, firm, corporation or municipality any or all of its projects upon such terms and conditions as the board of directors shall deem proper and charge and collect rent for the lease and terminate any such lease upon the failure of the lessee to comply with any of the obligations of the lease, and include in any such lease, if desired, provisions that the lessee shall have options to renew the term of the lease for such period or periods and at such rent as shall be determined by the board of directors of the authority or purchase any or all of the projects of the authority or that upon payment of all the indebtedness of the authority it may lease or convey any or all of its projects to the lessees of the projects, with or without consideration;(9) Enter into contracts with the state, municipalities, corporations or authorities for the use of any project of the authority and fixing the amount to be paid for the use of the project;(10) Sell, exchange, donate, and convey any or all of its properties to the municipality or to any other municipality or public body or instrumentality or agency of the state or any county or incorporated city or county in the state, whenever its board of directors shall find any such action to be in furtherance of the purposes for which the authority was organized, or, except as provided in subdivision (b)(8), convey any such properties to any private person, corporation, or other private entity at not less than the appraised value of the property;(11) Borrow money and issue bonds for the purposes of carrying out any of its powers;(12) As security for the payment of the principal of and interest on any bonds so issued and any agreements made in connection with the bonds, mortgage and pledge any or all of its projects or any part or parts of the projects, whether then owned or thereafter acquired, and pledge all or any part of the revenues and receipts from the bonds or from any thereof, or funds received by the authority from any other sources;(13) Enter into contracts with any individual, partnership, firm, corporation or municipality pursuant to which such other party shall manage the operation of any or all of the projects of the authority, and agree to such terms and conditions as are determined to be expedient by the board of directors;(14) Enter into contracts with any individual, partnership, firm, corporation or municipality by which the authority is to manage and maintain, and collect fees, charges and other revenues from parking facilities owned by such other party, including contracts whereby the authority manages, maintains and collects the revenues from on-street parking meters or other facilities owned or controlled by municipalities of this state;(15) Employ and pay compensation to such employees and agents, including attorneys, as the board of directors shall deem necessary for the business of the authority;(16) Enter into contracts of group insurance for the benefit of its employees, and set up a retirement or pension fund for such employees, similar to that existing in the municipality with respect to which the authority is created;(17) Cooperate with the state, any county, city, town, public corporation, agency, department, or political subdivision of the state, and make such contracts with them as the board of directors may deem advisable to accomplish its corporate purposes; and(18) Exercise all powers expressly given in its certificate of incorporation or necessarily incident to those powers, and establish bylaws and make all rules and regulations not inconsistent with the certificate of incorporation or this chapter, deemed expedient for the management of the authority's affairs.(c) Any meeting held by the board of directors for any purpose whatsoever shall be open to the public upon notice being duly given in accordance with the laws of this state.(d) Any lease of a project entered into pursuant to this chapter shall provide for rentals that, with other revenue derived from the project or otherwise available to the authority will be adequate to pay principal of and interest on such bonds as the same falls due, and pay such expenses of operating and maintaining the project as the board of directors shall determine to be necessary.(e) Notwithstanding any law to the contrary, no provision of this chapter shall be construed to permit or to authorize any parking authority to exercise the power of eminent domain.