Powers of Authority.
Riverside Municipal Code § 2.51.070
in effect2.51.070 - Powers of Authority.
The Authority shall have all of the powers necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, including, but without limiting the generality of the foregoing, the powers:
A. To acquire in the name of the Authority by purchase, lease or otherwise, on such terms and conditions and such manner as it may deem proper, any lands or interest therein or other real and personal property for any project;
B. To enter into contracts with a person upon such terms and conditions as the Authority shall determine to be reasonable, including but not limited to reimbursement for the planning, designing, financing, construction, reconstruction, improvement, equipping, furnishing, operation and maintenance of a project and to pay or compromise any claims arising therefrom;
C. To establish and maintain reserve and insurance funds with respect to any assistance authorized by this chapter;
D. To sell, convey or lease to any person all or any portion of a project, for such consideration and upon such terms as the Authority may determine to be reasonable;
E. To mortgage, pledge, assign or otherwise encumber all or any portion of a project or revenues;
F. To grant options to purchase or renew a lease for any project;
G. To contract for and to accept any gifts, grants or loans of funds or property or financial or other aid from any source and to comply, subject to the provisions of this chapter, with the terms and conditions thereof;
H. To charge and collect such fees and charges as the Authority shall determine to be reasonable for the use of its services;
I. To acquire, purchase, manage and operate, hold and dispose of real and personal property or interests therein, take assignments of rentals and leases and make and enter into all contracts, leases, agreements and arrangements necessary or incidental to the performance of its duties;
J. To purchase, acquire and take assignments of notes, mortgages and other forms of security and evidences of indebtedness;
K. To purchase, acquire, attach, seize, accept or take title to any project by conveyance or, by foreclosure, and sell, lease, manage or operate any project for a use specified in this chapter;
L. To borrow money and to issue bonds of the Authority as provided in this chapter, and to provide for the rights of the holders thereof;
M. To make loans to any person for a project, which loans may be secured by loan and security agreements, mortgages, leases, and any other instruments, upon such terms and conditions as the Authority shall deem reasonable, including provision for the establishment and maintenance of reserve and insurance funds;
N. To invest any funds or moneys of the Authority pending the application of such funds or moneys to the purposes of this chapter;
O. To employ consulting engineers, architects, attorneys, real estate counselors, appraisers, and such other consultants and employees, who shall be members of the unclassified service, as may be required in the judgment of the Authority to carry out the purposes of this chapter, and to fix and pay their compensation from funds available to the Authority therefor by negotiation;
P. To do and perform any acts and things authorized by this chapter under, through or by means of its own officers, agents and employees, or by contracts with any person; and
Q. To procure insurance against any losses in connection with its property, operations or assets in such amounts and from such insurers as it deems desirable.
(Ord. 4976 § 2(d), 1981)
Source: City of Riverside, California, Municipal Code and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/ca/riverside/codes/code_of_ordinances?nodeId=PTIICOOR_TIT2ADPE_CH2.51ECDEAU_2.51.070POAUFetched: 11/1/2026