Marvin Mandel, Governor                            957

made of all minutes and other records and documents of the Author-
ity and may give certificates under the official seal of the Authority
to the effect that such copies are true copies, and all persons dealing
with the Authority may rely upon such certificates. The records
and documents of the Authority shall be considered public records
subject to reasonable inspection. The executive director shall, sub-
ject to the supervision and direction of the Authority, be the chief
administrative officer of the Authority.

(f)    The general counsel, if one is appointed, shall be the legal
advisor to the Authority. He shall, when directed by the Authority,
represent the Authority in judicial or other proceedings.

(g)    Five members of the Authority shall constitute a quorum
and the affirmative vote of a majority of the members present at a
meeting of the Authority having a quorum present shall be necessary
for any action taken by the Authority. No vacancy in the member-
ship of the Authority shall impair the right of a quorum to exercise
all the rights and perform all the duties of the Authority as afore-
said. Any action taken by the Authority under the provisions of
this Act may be authorized by resolution at any regular or special
meeting, and each such resolution shall take effect immediately and
need not be published or posted.

(h) Each member of the Authority shall execute a surety bond
in the penal sum of Fifty Thousand DOLLARS ($50,000.00) Dollars
and the executive director shall execute a surety bond in the penal
sum of One Hundred Thousand DOLLARS ($100,000.00) Dollars, or,
in lieu thereof, the chairman of the Authority shall execute a blanket
position bond covering each member, the executive director and the
employees of the Authority, any such surety bond to be conditioned
upon the faithful performance of the duties of the office or offices
covered, to be executed by a surety company authorized to transact
business in this State as surety and to be approved by the Attorney
General and filed in the office of the Secretary of State. The cost of
each such bond shall be paid by the Authority.

(i) The members of the Authority shall receive no compensation
for the performance of their duties hereunder, but each such member
shall be paid his necessary expenses incurred while engaged in the
performance of such duties.

(j) Notwithstanding any other law to the contrary, it shall not
be or constitute a conflict of interest for a trustee, member, director,
officer, employee, or advisory board member of an institution for
higher education or a hospital to serve as a member of the Author-
ity, provided such trustee, member, director, officer, employee, or
advisory board member shall abstain from deliberation, action, and
vote by the Authority under this Act in specific respect to the insti-
tution for higher education or the hospital of which such person is
a trustee, member, director, officer, employee, or advisory board
member.

5. General Grant of Powers.

(1) (A) The purpose of the Authority shall be to assist institu-
tions for higher education and hospitals in the construction, financing
and refinancing of projects, and for this purpose the Authority
is authorized and empowered: