§ 5-406. Property

   (a) In general. -- An authority may:

   (1) acquire real property or rights or interests in real property, directly or through a person or governmental entity, by gift, devise, transfer, exchange, foreclosure, purchase, or otherwise on terms and conditions and in a manner the authority considers proper;

   (2) own property in the authority's name, including tax foreclosed property and property without clear title;

   (3) sell, lease as lessor, transfer, and dispose of the authority's interest in property;

   (4) procure insurance against loss in connection with the property, assets, or activities of the authority; and

   (5) execute deeds, mortgages, contracts, leases, purchases, or other agreements regarding the property of the authority.

(b) Limitation. -- Property purchased, owned, or sold under this section may not be located outside the municipality in which the authority is located.

HISTORY: An. Code 1957, art. 23A, § 57; 2013, ch. 119, § 2.