(a)      The purpose of the Authority shall be to assist institutions for higher education, noncollegiate educational institutions, and hospitals in the construction, acquisition, financing and refinancing of projects, and for this purpose the Authority is authorized and empowered:

            (1)      To adopt bylaws for the regulation of its affairs and the conduct of its business;

            (2)      To sue and be sued, plead and be impleaded;

            (3)      To adopt an official seal and alter the same at pleasure;

            (4)      To maintain an office at such place or places as it may designate;

            (5)      To determine the location and character of any project to be financed or refinanced under the provisions of this article, and to construct, reconstruct, acquire, maintain, repair, operate, lease, as lessee or lessor, to regulate, and to enter into contracts for the management and operation of a project, and to designate a participating institution for higher education or noncollegiate educational institution or a participating hospital, as the case may be, as its agent to determine the location and character of a project undertaken by such participating institution for higher education or noncollegiate educational institution or such participating hospital under the provisions of this article, and as its agent to construct, reconstruct, acquire, maintain, repair, operate, lease, as lessee or lessor, such project, and regulate the same, and as its agent to enter into contracts for any or all of such purposes, including contracts for the management and operation of such project;

            (6)      To issue bonds, bond anticipation notes and other obligations of the Authority for any of its corporate purposes, including its operating expenses, and to fund or refund the same, all as provided in this article;

            (7)      Generally, to fix and revise from time to time and charge and collect rates, rents, fees and charges for the use of and for the services furnished or to be furnished by a project or any portion thereof;

            (8)      To establish rules and regulations for the use of a project or any portion thereof and to designate a participating institution for higher education or noncollegiate educational institution or a participating hospital as its agent to establish rules and regulations for the use of a project undertaken by such participating institution for higher education or noncollegiate educational institution or such participating hospital;

            (9)      To employ consulting engineers, architects, accountants, construction and financial experts, superintendents, managers, and such other professional employees, other employees and agents as may be necessary in its judgment, and to fix their compensation;

            (10)      To receive and accept from any public agency loans or grants for or in aid of the construction or acquisition of a project or any portion thereof, and to receive and accept loans, grants, aid or contributions from any source of either money, property, labor or other things of value, to be held, used and applied only for the purpose for which such loans, grants, aid and contributions are made, provided that no hospital may use any moneys received as a result of bonds, notes, or other obligations issued by the Authority to provide matching funds required for any State loans or grants available for hospital construction, expansion, or renovation;

            (11)      To mortgage or otherwise pledge or encumber any project and the site thereof or to accept and hold a mortgage or other encumbrance on any project and the site thereof for the benefit of the holders of revenue bonds issued to finance or refinance such project;

            (12)      To make loans to any participating institution for higher education or noncollegiate educational institution or participating hospital for the construction or acquisition of a project in accordance with an agreement between the Authority and the participating institution for higher education or noncollegiate educational institution or participating hospital; provided that no such loan shall exceed the total cost of the project as determined by the participating institution for higher education or noncollegiate educational institution or participating hospital and approved by the Authority;

            (13)      To make loans to a participating institution for higher education or noncollegiate educational institution or participating hospital to refinance all or any portion of a project and to refund outstanding bonds, mortgages, advances, loans, or other obligations issued, made or given by such participating institution for higher education or noncollegiate educational institution or participating hospital to the Authority or to any other individual, partnership, corporation, association, federal, State, or local government or governmental agency, or public or private body for the purpose of financing or refinancing in whole or in part the construction or acquisition of a project;

            (14)      To charge to and equitably apportion between participating institutions for higher education or noncollegiate educational institution and participating hospitals its administrative costs and expenses incurred in the exercise of the powers and duties conferred by this article;

            (15)      To accept any gifts or grants or loans of funds or property or financial or other aid in any form from the federal government or any agency or instrumentality thereof or from the State or any agency or instrumentality thereof or from any other source, provided that no hospital may use any moneys received as a result of bonds, notes, or other obligations issued by the Authority to provide matching funds required for any State loans or grants available for hospital construction, expansion, or renovation, and to comply, subject to the provisions of this article, with the terms and conditions thereof;

            (16)      Do all acts and things necessary or convenient to carry out the powers expressly granted in this article, provided, however, that in all matters concerning the internal administrative functions of the Authority the purchasing procedures of the State relating to office space, supplies, facilities, materials, equipment, and professional services shall be followed.

      (b)      In carrying out the purposes of this article, the Authority may undertake a project for two or more participating institutions for higher education or noncollegiate educational institutions jointly or two or more participating hospitals jointly, or for any combination thereof, and, thereupon, all other provisions of this article shall apply to and for the benefit of the Authority and such joint participants.