§ 4. Powers and duties.

The Authority shall have the following powers and duties:

(1)

To contract and be contracted with, sue and be sued, implead or be impleaded, and complain and defend in all courts of law and equity.

(2)

To have a seal and alter the same at pleasure.

(3)

To acquire by purchase, lease or otherwise, and to hold, lease and dispose of real and personal property of every kind and character for its corporate purposes.

(4)

To acquire in its own name by purchase on such terms and conditions, and in such manner as it may deem proper, or by condemnation in accordance with the provisions of any and all existing laws applicable to the condemnation of property for public use, real property or rights of easement therein or franchises necessary or convenient for its corporate purposes, and to use the same so long as its corporate existence shall continue and to lease or make contracts with respect to the use of or dispose of the same in any manner it deems to the best advantage of the authority, the authority being under no obligation to accept and pay for any property condemned under the authority of this Act except from funds provided under the authority of this Act, and in any proceedings to condemn, such orders may be made by the court having jurisdiction of the suit, action or proceeding as may be just to the authority and to the owners of the property to be condemned, and no property shall be acquired under the provisions of this Act upon which any lien or other incumbrance exists, unless at the time such property is so acquired a sufficient sum of money to be deposited in trust to pay and redeem the fair value of such lien or incumbrance.

(5)

To appoint and select officers, agents, and employees, including engineering, architectural and construction experts, fiscal agents, and attorneys, and fix their compensation.

(6)

To make contracts and leases, and to execute all instruments necessary or convenient, including contracts for construction of a project and leases of a project or contracts with respect to the use of a project which it causes to be erected or acquired.

(7)

To construct, erect, acquire, own, repair, remodel, maintain, add to, extend, equip and sell any project, to be located on property owned by or leased by the authority, the cost of such project to be paid in whole or [in] part from the proceeds of the revenue bonds of the authority.

(8)

To exercise all the powers, rights and privileges of and be subject to the same liabilities as a municipality under the provisions of the Revenue Certificate Law of 1937 (1937 Ga. Laws, page 761), with reference to the issuance of revenue anticipation certificates insofar as such pertain to the corporate purposes of the authority.

(9)

To borrow money for any of its corporate purposes and to issue negotiable revenue bonds payable solely from funds or property pledged for that purpose, and to provide for the payment of the same and for the rights of the holders thereof;

(10)

To use the rents, profits and proceeds from the projects erected, leased or sold, to provide maintenance for such projects, and to discharge the principal and interest of revenue bonds issued by the authority.

(11)

To do all things within its powers to encourage the industrial development of Screven County, and to encourage the location of new industries in said county.

(12)

To exercise any power usually possessed by private corporations performing similar functions, which is not in conflict with the Constitution and laws of this State.

(13)

To do all things necessary and convenient to carry out the powers expressly given in this Act.