Any development corporation shall, subject to the restrictions and limits herein contained, have the following powers:
1. To make contracts and incur liabilities for any of the purposes of the development corporation; provided that no development corporation shall incur any secondary liability by way of guaranty or endorsement of the obligations of any person, firm, corporation, joint stock company, association or trust, or in any other manner.
2. To borrow money either from its members or pursuant to lending arrangements entered into under the authority granted in subsection 7 of this section, or both from its members and pursuant to said lending arrangements, and to issue therefor its bonds, debentures, notes or other evidences of indebtedness, whether secured or unsecured, and when necessary to secure the same by mortgage, pledge, deed of trust, or other lien on its property, franchises, rights and privileges of every kind and nature, or any part thereof or interest therein, without securing shareholder or member approval; provided, that no loan to a development corporation shall be secured in any manner unless all outstanding loans to such corporation, and for which loan or loans no subordination agreement has been entered into between the respective loan maker and the development corporation, shall be secured equally and ratably in proportion to the unpaid balance of such loans and in the same manner.
3. To make loans to any person, firm, corporation, joint stock company, association or trust and to establish and regulate the terms and conditions with respect to any such loans, and the charges for interest and service connected therewith.
4. To acquire the good will, business, rights, real and personal property, and other assets, or any part thereof, or interest therein, of any persons, firms, corporations, associations or trusts, and to assume, undertake, or pay the obligations, debts and liabilities of any such person, firm, corporation, association or trust; to acquire, construct or reconstruct, alter, repair, maintain, operate, sell, convey, transfer, lease, or otherwise dispose of industrial plants and business establishments.
5. To co-operate with and avail itself of the facilities of the department and to co-operate with and assist and otherwise encourage organizations in the various communities of the state of Iowa in the promotion, assistance and development of business prosperity and economic welfare of such communities or of this state or any part thereof.
6. To do all acts and things necessary or convenient to carry out the powers expressly granted in this chapter and such other powers not in conflict herewith granted under the Iowa business corporation Act.
7. To enter into lending arrangements with state and federal agencies or instrumentalities whereby the development corporation may participate in lending operations or secure guarantees or qualify under applicable laws to further state or federal lending programs by becoming a participant therein.
[C66, 71, 73, 75, 77, 79, 81, § 496B.6]
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