Common use of Additional Authority Clause in Contracts

Additional Authority. In order to enable the Authority to exercise its rights and perform its obligations, and subject to and in accordance with applicable law, the Authority shall have the power and authority to do all of the following: (i) conduct its business and affairs for the benefit of the Parties and their residents; (ii) enter into, make, and perform contracts of every kind; (iii) adopt rules and regulations regarding the exercise of its powers and the carrying out of its purposes; (iv) incur debts, liabilities, and obligations; (v) borrow money and make, accept, endorse, execute, issue, and deliver notes and other obligations of the Authority for monies borrowed, or in payment for property acquired, or for any of the other purposes, services, or functions contemplated by this Agreement; (vi) secure the payment of any Authority obligation by mortgage, pledge, deed, indenture, agreement, or other collateral instrument, or by lien upon or assignment of all or any part of the properties, rights, assets, contract, easements, revenues, and privileges of the Authority; (vii) issue bonds, notes, or other obligations payable from the revenues derived or to be derived from the ETC; (viii) acquire, hold, lease (as lessor or lessee), sell, or otherwise dispose of any legal or equitable interest in real or personal property; (ix) apply for and receive grants in its own name; (x) engage, employ, or appoint agents or service providers, including accountants, architects, attorneys, consultants, employees, engineers, executive directors, and managers, and to pay the direct and indirect reasonable costs for services rendered to the Authority; (xi) purchase insurance; (xii) litigate, arbitrate, and / or mediate in its own name; (xiii) participate in administrative proceeding before the state or federal government and advocate for or against issues before legislative or administrative bodies; (xiv) receive contributions of gifts, grants, or services; and (xv) exercise any additional power or authority, not inconsistent with this Agreement, that is necessary or appropriate to carry out the intent of this Agreement.