§ 8. Powers of the Board.

In the performance of the functions vested in or assigned to the Board, it is hereby granted the following powers:

(1)

To enter into contracts and agreements, and to sue and be sued as a body corporate.

(2)

To have and use a corporate seal.

(3)

To acquire, own, convey or otherwise dispose of; lease as lessor or lessee; construct, maintain, improve, enlarge, raze, relocate, operate, and manage property and facilities of whatever type to which it holds title; and to grant or acquire licenses, easements, and options with respect thereto, provided, however, any property owned by the Board will be subject to the applicable state and local taxes imposed thereon.

(4)

To accept grants and donations of money, property of any type, labor, or other thing of value from any public or private source.

(5)

To receive the proceeds of the tax hereby provided.

(6)

To receive the revenues from any property or facility owned, leased, licensed, or operated by it or under its control, subject to the limitations imposed upon it by trusts or other agreements validly entered into by it.

(7)

To have exclusive control of funds legally available to it, subject to limitations imposed upon it by law or by any agreement validly entered into by it.

(8)

To cooperate and enter into agreements with other governmental agencies or other public bodies, except that nothing in this act shall be construed as authorization to initiate a federally subsidized urban renewal program and any such urban renewal program is hereby specifically prohibited.

(9)

To make to or receive from the City or Orange County conveyances, leasehold interest, grants, contributions, loans, and other rights and privileges.

(10)

To request by resolution, that the City exercise its powers of eminent domain to acquire any real property for public purposes. If the property involved is acquired, the Board shall take over and assume control of such property on terms mutually agreed upon between the City and the Board, but the Board shall not thereafter be authorized to sell, lease, or otherwise dispose of such property so acquired without the formal consent of the City Council.

(11)

To issue and sell revenue certificates as hereinafter provided, or in any other manner permitted by law and not inconsistent with the provisions hereof and to take all steps necessary for efficient preparation and marketing of the certificates at public or private sale at the best price obtainable, including the entry into agreements with corporate trustees, underwriters, and the holders of the certificates and the employment and payment, as a necessary expense of issuance, for the service of consultants on valuations, costs, and feasibility of undertaking, revenues to be anticipated and other financial matters, architecture, engineering, legal matters, accounting matters, and any other fields in which expert advice may be needed to effectuate advantageous issuance and marketing.

(12)

To fix, regulate, and collect rents, fees, rates, and charges for facilities or projects or any parts thereof or services furnished by it or under its control and to pledge the revenue to the payment of revenue certificates issued by it.

(13)

To borrow money after approval of the City Council on its unsecured notes, for a period not exceeding nine (9) months in an aggregate amount for all outstanding unsecured notes not exceeding fifty percent (50%) of the unpledged proceeds received during the immediately prior fiscal year from the tax hereby imposed, and at an annual rate of interest not exceeding the rate being charged at the time of the loan by banks in the City on unsecured short-term loans to local businesses.

(14)

To acquire by rental or otherwise and to equip and maintain a principal office for the conduct of its business and such branch offices as may be necessary.

(15)

To employ and prescribe the duties, authority, compensation not to exceed the highest salary paid to other non-elective City employees, and reimbursement of expenses of the Executive Director of the Board, who shall act as its chief executive officer; a general counsel, who shall be an attorney in active practice in the state and so engaged at the time of appointment; and such other personnel as may be necessary from time to time; provided, its personnel shall not be under civil service regulations, and shall not while employed by it serve as City officers or employees, and, with the exception of its secretary, shall not while employed by it serve as a member of the Board.

(16)

To exercise all powers incidental to the effective and expedient exercise of the foregoing powers to the extent not in conflict herewith or inconsistent herewith.

(17)

To establish development and taxing subdistricts within the development area for sectional development in accordance with a comprehensive plan; taxes acquired from said subdistricts to be utilized solely within the subdistrict area, said area not to be less than one (1) city block in size; provided, however, that no subdistrict shall be established, nor any tax imposed without an authorizing vote as provided by the State Constitution and written approval of all of the freeholders located therein, and the City Council of the City. The one (1) mill limitation set forth in section 9 below shall not apply to any such consenting development and taxing subdistrict.

(Laws of Fla. ch. 71-810, § 8; Laws of Fla. ch. 78-577, § 5)