Subd. 1. Bylaws; rules.

The authority shall adopt bylaws for its organization and internal management. The commissioner may adopt rules covering the authority's operations, properties, and facilities.

Subd. 2. Power to sue; enter contracts.

The authority may sue and be sued. The authority may make and enter into contracts, leases, and agreements necessary to perform its duties and exercise its powers.

Subd. 3. Gifts; grants.

The authority may apply for, accept, and disburse gifts, grants, loans, or other property from the United States, the state, private sources, or any other source for any of its purposes. Money received by the authority under this subdivision must be deposited in the state treasury and is appropriated to the authority to carry out its duties.

Subd. 4. Contract for services.

The authority may retain or contract for the services of accountants, financial advisors, and other consultants or agents needed to perform its duties and exercise its powers.

Subd. 5. Fees.

1. (a) The authority may set and collect fees for costs incurred by the authority for audits, arbitrage accounting, and payment of fees charged by the state board of investment. The authority may also set and collect fees for costs incurred by the commissioner, the department of health, the pollution control agency, and the department of transportation, including costs for personnel and administrative services, for financings and the establishment and maintenance of reserve funds. Fees charged directly to borrowers upon executing a loan agreement must not exceed one-half of one percent of the loan amount. Servicing fees assessed to loan repayments must not exceed two percent of the loan repayment. The disposition of fees collected for costs incurred by the authority is governed by section 446A.11, subdivision 13. The authority shall enter into interagency agreements to transfer funds into appropriate administrative accounts established for fees collected under this subdivision for costs incurred by the commissioner, the department of health, or the pollution control agency. Fees collected under this subdivision for costs incurred by the commissioner of transportation must be credited to the fund or account which is the source of the loan to which the fees are related.

2. (b) The authority shall annually report to the chairs of the finance and appropriations committees of the legislature on:

   1. (1) the amount of fees collected under this subdivision for costs incurred by the authority;
   2. (2) the purposes for which the fee proceeds have been spent; and
   3. (3) the amount of any remaining balance of fee proceeds.

Subd. 6. Property.

The authority may acquire, encumber, hold, and convey through lease, purchase, gift, or otherwise, any real or personal property.

Subd. 7. In general.

The authority has all the powers necessary and convenient to carry out its duties under sections 446A.05, subdivision 1, 446A.051, and 446A.12 to 446A.20.

* NOTE: No provision of the amendment to subdivision 5 by *Laws 1997, chapter 141, section 9, may take effect until *Minnesota has been notified by the United States Department of *Transportation that it will be receiving a specific sum in *federal funds that has been designated specifically for a state *infrastructure bank. Laws 1997, chapter 141, section 11.