§ 5. Powers of the agency.\n Except as otherwise limited by this act and subject to the provisions\nof any contract with noteholders or bondholders, the agency shall have\npower:\n 1. To sue and be sued;\n 2. To have a seal and alter the same at pleasure;\n 3. To make and execute contracts and all other instruments necessary\nor convenient for the exercise of its powers and functions under this\nact;\n 4. To make and alter by-laws for its organization and internal\nmanagement;\n 5. To acquire, hold and dispose of real or personal property (whether\ntangible or intangible) for its corporate purposes;\n 6. To appoint officers, agents and employees, prescribe their duties\nand qualifications and fix their compensation;\n 7. To borrow money and issue negotiable or non-negotiable notes, bonds\nor other obligations and to provide for the rights of the holders\nthereof, and as security for the payment of the principal of and\ninterest on any notes or bonds so issued and any agreements made in\nconnection therewith, to assign or pledge any or all existing and future\nassets or revenues owned by or assigned or pledged to the agency and the\nreceipts to be derived therefrom;\n 8. To accept appropriations made to it by the state and to apply the\nproceeds of such appropriations, together with the proceeds of\nborrowings by the agency and any other funds available to it, for the\npurposes set forth in this act, and from time to time to enter into a\nrepayment agreement with the state in respect of such appropriations on\nsuch terms and conditions as the director of the budget determines are\nappropriate for the repayment of any and all outstanding sums then owed\nin such respect by the agency and each such agreement shall supersede\nall prior such agreements, provided that such repayment agreements shall\nrequire payments thereunder in any fiscal year of the agency only to the\nextent that the agency's revenues and receipts from operations\n(excluding borrowings, proceeds of sales of assets and appropriations)\nduring its preceding fiscal year shall exceed the aggregate amount\npayable by the agency during such preceding year for expenses (including\nreasonable reserves for contingencies) and debt service (without regard\nto any refunding of debt) plus the amount of any eligible purchases and\neligible loans made during either such year out of any balance of such\nrevenues and receipts from operations;\n 9. To invest any funds held in reserve or sinking funds, or any funds\nnot required for immediate use or disbursement, at the discretion of the\nagency, in obligations of the state or federal government, obligations\nthe principal and interest of which are guaranteed by the state or\nfederal government, or obligations of agencies of the federal\ngovernment, or special time deposits in, or certificates of deposit\nissued by, a bank or trust company authorized to do business in this\nstate and secured by a pledge of obligations of the United States of\nAmerica or obligations of the state or obligations the principal and\ninterest of which are guaranteed by the state or federal government or\nobligations of agencies of the federal government, provided that any\nsuch investment is one which may from time to time be legally purchased\nby savings banks of the state as investments of funds belonging to them\nor in their control;\n 10. To make eligible purchases at such purchase price as the\ncommissioner shall approve (including a purchase price at a premium over\nthe par value of the corporation first mortgage to be purchased) which\nshall be determined on the basis that such purchase price is to be\namortized over the remaining term of the corporation first mortgage at\nthe corporation's estimated average cost of borrowing (as determined by\nthe commissioner in accordance with any accepted method) utilizing the\nannual payments of principal and interest called for by such mortgage,\nand otherwise on such terms and conditions, not in
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