(a) invest in, purchase or make commitments to purchase, and take assignment from
financial institutions of notes, mortgages, loan agreements, and other securities
evidencing loans for the acquisition, construction, reconstruction, or improvement
of projects located in the state, under terms and conditions determined by the board;
(b) acquire, by construction, purchase, devise, gift, lease, or any combination of
methods, from financial institutions, projects located in the state and lease such
projects to others for such rentals and upon such terms and conditions as determined
by the board;
(c) make loans to financial institutions, under terms and conditions determined by
the board, requiring the proceeds to be used by the financial institution for the
purpose of financing the acquisition, construction, reconstruction, or improvement
of projects located in the state; or
(d) finance projects located in the state upon such terms and conditions as determined
by the board.
(2) The board may not operate any project as a business or in any other manner except
as the lessor thereof or as may be necessary for a temporary period through the enforcement
of its rights under a lease, loan agreement, or other security agreement.
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