§ 7. Powers of the authority.

In the performance of the functions vested in or assigned to the authority, it is hereby granted the following powers:

(a)

To enter into contracts and agreements, and to sue and be sued as a body corporate;

(b)

To have and use a corporate seal;

(c)

To acquire, own, convey or otherwise dispose of, lease as lessor or lessee, construct, maintain, improve, enlarge, raze, relocate, operate, and manage property and facilities of whatever type, and to grant or acquire licenses, easements, and options with respect thereto;

(d)

To accept grants and donations of any type of property, labor, or other thing of value from any public or private source;

(e)

To receive the proceeds of the tax hereby imposed;

(f)

To receive the revenues from any property or facility owned, leased, licensed, or operated by it or under its control, subject to the limitations imposed upon it by trusts or other agreements validly entered into by it;

(g)

To have exclusive control of all funds legally available to it, subject to limitations imposed upon it by law or by any agreement validly entered into by it;

(h)

To cooperate and enter into agreements with any governmental agency or other public body;

(i)

To make to or receive from the City or Palm Beach County conveyances, leasehold interests, grants, contributions, loans, and other rights and privileges;

(j)

To request by resolution that the city exercise its municipal power of eminent domain in specific instances for the use and benefit of the authority and, if the city complies with the request and the property involved is acquired, the authority shall take over and assume control of such property on terms mutually agreed upon between the city and the authority, but the authority shall not thereafter be authorized to sell, lease or otherwise dispose of such property so acquired without the formal consent of the city commission;

(k)

To issue and sell revenue certificates as hereinafter provided, or in any other manner permitted by law and not inconsistent with the provisions hereof, and to take all steps deemed by it necessary or expedient for efficient preparation and marketing of the certificates at public or private sale at the best price obtainable, including the entry into binding agreements with corporate trustees, underwriters, and the holders of the certificates, and the employment and payment, as a necessary expense of issuance, for the services of consultants on valuations, costs and feasibility of undertaking, revenues to be anticipated and other financial matters, architecture, engineering, legal matters, accounting matters, and any other fields in which expert advice may be needed to effectuate advantageous issuance and marketing;

(l)

To fix, regulate, and collect rates and charges for facilities and services furnished by it or under its control and to pledge the revenue to the payment of revenue certificates issued by it;

(m)

To borrow money on its unsecured notes, for a period not exceeding nine months, in an aggregate amount for all outstanding unsecured notes not exceeding fifty percent of the proceeds received during the immediately prior fiscal year from the tax hereby imposed, and at an annual rate of interest not exceeding the rate being charged at the time of the loan by banks in the city on unsecured shortterm loans to local businesses;

(n)

To acquire by rental or otherwise and to equip and maintain a principal office for the conduct of its business and such branch offices as it may from time to time deem expedient;

(o)

To employ and prescribe the duties, authority, compensation, and reimbursement of expenses of the director of the authority, who shall act as its chief executive officer, a general counsel, who shall be an attorney with at least five years of experience in active Florida practice and so engaged at the time of appointment, and such other personnel as it may, after consultation with the director, deem necessary from time to time; provided, its personnel shall not be under civil service regulations, may be employed to serve at its pleasure, shall not in any event be contracted with for a term of employment longer than five years, shall not while employed by it serve as city officers or employees, and, with the exception of its secretary, shall not while employed by it serve as a member of it;

(p)

To exercise all powers incidental to the effective and expedient exercise of the foregoing powers to the extent not in conflict herewith or inconsistent herewith.