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once in each fiscal year by certified public accountants and the cost thereof shall be
<br /> treated, as an item of current expense. Except as otherwise provided in this act,the
<br /> corporation shall have full power to exercise care of its property and the management of
<br /> its business affairs, and to sell and convey any real estate or other property not needed for
<br /> its business or affairs,by deed or other instrument sealed with the corporate seal, signed
<br /> and acknowledged by a majority of the board of agents. The treasurer shall give bond for
<br /> the faithful performance of his duties,with a surety company authorized to do business in
<br /> this commonwealth as surety,in such sum as the board may determine, the premium
<br /> therefor to be paid by the corporation. Neither chapter 31 of the General Laws nor any
<br /> rule made thereunder shall apply to any person employed or engaged by the corporation
<br /> under this act.
<br /> SECTION 5.The corporation may:
<br /> (a) sue and be sued in its own name, and plead and be impleaded;
<br /> (b) adopt by-laws for the regulation of its affairs and the conduct of its business, and to
<br /> alter the same at its pleasure,
<br /> (c)make and enter into all contracts and agreements necessary or incidental to the
<br /> performance of its duties and the execution of its powers under this act, and to employ
<br /> consulting engineers, superintendents,managers, and such other engineers, construction
<br /> and accounting experts and attorneys and such other employees, agents, and consultants
<br /> as may be necessary in its judgment, and to fix their compensation;
<br /> (d) receive and accept from any federal agency, the commonwealth or the town grants,
<br /> loans of advances for or in aid of an economic development program,plan or project and
<br /> to receive and accept contributions from any source of either money,property, labor,or
<br /> other things of value, to be held,used and applied for the purposes for which the grants,
<br /> loans, advances and contributions may be made. The town may borrow outside its debt
<br /> limits to obtain money for loans to the corporation, or within its debt limits to obtain
<br /> money for grants to the corporation,with the approval of the bureau of local assessment
<br /> and the director;
<br /> (e)borrow money, and, from time to time, to make, accept, endorse, execute, and issue
<br /> bonds, debentures,promissory notes,bills of exchange, and other obligations of the
<br /> corporation,for moneys borrowed or in payment for property acquired or for any other
<br /> purposes of the corporation, and to secure the payment of such obligations by mortgage;
<br /> pledge, deed, indenture, agreement, or other instrument of trust, or by other lien upon,
<br /> assignment of, or agreement in regard to all or any of the property,rights, or privileges of
<br /> the corporation;
<br /> (1) issue revenue bonds of the corporation,payable solely from revenues, for the purpose
<br /> of paying all or part of the cost of a project or projects, except that the town may, upon
<br /> request by the corporation,pledge its full faith and credit to the solvency of the
<br /> corporation;
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