§ 3010. Creation; purposes and general powers of a municipal assistance
corporation. A municipal assistance corporation shall be created by a
special law of the legislature. The purposes of a municipal assistance
corporation shall be to assist a municipality attempting to provide,
without interruption, services essential to its inhabitants while
meeting its obligation to the holders of its outstanding securities.
Such assistance shall be provided through the issuance and sale of bonds
and notes and paying or lending funds received from such sale to the
municipality, or through the exchange of its obligations for obligations
of the municipality. To carry out the aforesaid purposes, a municipal
assistance corporation shall have, in addition to any powers
specifically granted in the special act creating such municipal
assistance corporation, the following powers: (1) to sue and be sued,
(2) to have a seal and alter the same at pleasure; (3) to make and alter
by-laws for its organization and internal management and, subject to
agreements with noteholders or bondholders, to make rules and
regulations governing the use of its property and facilities; (4) to
make and execute contracts, leases, subleases and all other instruments
or agreements necessary or convenient for the exercise of its powers and
functions under this title; (5) to purchase real or personal property
necessary and convenient for its corporate purposes; to execute and
deliver deeds for real property held in its own name; and to sell or
otherwise dispose of such real or personal property that, in the
judgment of the municipal assistance corporation, is no longer necessary
for its corporate purposes; (6) to appoint officers, agents and
employees, prescribe their duties and qualifications and fix their
compensation; (7) to commence any action to protect or enforce any right
conferred upon it by any law, contract or other agreement; (8) subject
to other provisions of law, to lend or otherwise transfer to the
municipality for which the municipal assistance corporation was created
such sums of money as are not required for other purposes; (9) to borrow
money and to issue notes or bonds and to fund or refund the same, and to
provide for the rights of the holders of its obligations; (10) subject
to the provisions of any contract with noteholders or bondholders to
invest any funds held in funds or accounts (except as hereafter
provided), or any funds not required for immediate use or disbursement,
at the discretion of the municipal assistance corporation, in
obligations of the municipality being assisted or obligations of the
state or federal government, obligations the principal of and interest
on which are guaranteed by such municipality, the state or federal
government, or obligations of agencies of such municipality, the state
or federal government which may, from time to time, be legally purchased
by savings banks of the state as investments of funds belonging to them
or in their control and which have been approved by the comptroller or
in a secured time deposit or other interest-bearing accounts secured by
such obligations; provided, however, that no funds held in a capital
reserve fund may be invested in obligations of or guaranteed by the
municipality being assisted or of any of its agencies; (11) subject to
the provisions of any contract with noteholders or bondholders, to
purchase notes or bonds of the corporation; (12) to procure insurance
against any loss in such amounts and from such insurers as it deems
desirable; (13) to engage the services of consultants on a contract
basis for rendering professional and technical assistance and advice;
(14) subject to the approval of the director of the budget to contract
for and to accept any gifts or grants or loans of funds or property or
financial or other aid in any form from the federal government or any
agency or instrumentality thereof, or from any other source and to
comply with the terms and conditions thereof; (15) as security for the
payment of the principal of and interest on any bonds or notes so issued
and any agreements made in connection therewith to pledge all or part of
its property or revenues; (16) to require any municipality to which
assistance is provided under this article or any authority, agency or
other body established by or on behalf of such municipality to make
available all books and records, and to furnish copies of all financial
statements, budgets, forecasts, projections and related information as
may be requested; (17) to pay the expenses of the operation of the
corporation, including but not limited to the repayment to the state of
any advance to the corporation under any agreement between the
corporation and the director of the budget out of any revenues available
to the corporation and not otherwise pledged except the proceeds of its
notes and bonds; and (18) in connection with any agreement by the
federal government or any agency or instrumentality thereof to guarantee
the payment of the principal of or the interest on the obligations
issued by the municipality for which the municipal assistance
corporation was created, to enter into one or more agreements with the
federal government or any agency or instrumentality thereof in respect
of such guarantee containing terms and conditions required by the
secretary of the treasury pursuant to the federal act authorizing the
issuance of such guarantees and to comply with such terms and
conditions, including, without limitation, a requirement that the
corporation make deposits or cause monies to be deposited in a fund or
funds established in connection with the issuance of guaranteed
obligations or funds pursuant to the terms and conditions of such
guarantee; and (19) to do any and all things necessary or convenient to
carry out its purposes and exercise the powers expressly given and
granted in this article or in the special act creating such municipal
assistance corporation.