The Spencer Development Authority is hereby given power and authority as follows:
   (a)   To make and adopt all necessary bylaws, rules, and regulations for its organization and operations not inconsistent with law;
   (b)   To elect its own officers, to appoint committees and to employ and fix compensation for personnel necessary for its operation;
   (c)   To enter into contracts with any person, agency, governmental department, firm or corporation, including both public and private corporations, and generally to do any and all things necessary or convenient for the purpose of promoting, developing, and advancing the business prosperity and economic welfare of the City of Spencer,  its citizens, and industrial complex, including, without limiting any of the foregoing, the construction of any building or structure for lease to the federal government or any of its agencies or departments and, in connection therewith, to prepare and submit bids and negotiate with the federal government or such agencies or departments in accordance with plans and specifications and in the manner and on the terms and conditions and subject to any requirements, regulations, rules, and laws of the United States of America for the construction of said buildings or structures and the leasing thereof to the federal government or such agencies or department;
   (d)   To amend or supplement any contracts or leases or to enter into new, additional, or further contracts or leases upon such terms and conditions, for such consideration, and for such term or duration,  with or without option of renewal, as may be agreed upon by the Authority and such person, agency, governmental department, firm, or corporation;
   (e)   Unless otherwise provided for in, and subject to the provisions of, such contracts or leases to operate, repair, manage, and maintain such buildings and structures and provide adequate insurance of all types and in connection with the primary use thereof, and incidental thereto, to provide such services such as barbershops, newsstands, drugstores, and restaurants and to effectuate such incidental purposes, grant leases, permits, concessions, or other authorizations to any person or persons, upon such terms and condition, for such consideration, and for such term or duration as may be agreed upon by the Authority and such person, agency, governmental department, firm or corporation;
   (f)   To delegate any authority given to it by law to any of its officers, committees, agents, or employees;
   (g)   To apply for, receive, and use grants-in-aid, donations, and contributions from any source or sources and to accept and use bequests, devises, gifts, and donations from any person, firm, or corporation;
   (h)   To acquire lands and other real property by gift, purchase, or construction, or in any other lawful manner, and hold title thereto in its own name;
   (i)   To purchase or otherwise acquire, own, hold, sell, and dispose of personal property and real estate and to own, hold, sell, lease, or otherwise dispose of all or part of such personal property and any real property which it may own;
   (j)   Pursuant to a determination by the board that there exists a continuing need for programs to alleviate and prevent unemployment within the City of Spencer, or aid in the rehabilitation of areas within the City of Spencer which are underdeveloped, decaying, or otherwise economically depressed, and that moneys or funds of the Authority are necessary therefor, to borrow money and execute and deliver the Authority's negotiable notes, mortgage bonds, other bonds, debentures, and other evidences of indebtedness therefor, on such terms as the Authority shall determine, and give such security therefor as shall be requisite, including giving a mortgage, or deed of trust, on its real or personal property and facilities in connection with the issuance of mortgage bonds;
   (k)   To raise funds by the issuance and sale of revenue bonds in the manner provided by the applicable provisions of West Virginia Code Article Sixteen , Chapter Eight as amended, and
   (l)   To expend its funds in the execution of the powers and authority herein given, which expenditures, by the means authorized herein, are determined and declared as a matter of legislative finding to be for a public purpose and use in the public interest and for the general welfare of the people of West Virginia to alleviate and prevent economic deterioration and to relieve the critical condition of unemployment existing within Spencer, West Virginia, and its environs.
      (Passed 4-5-90.)