South Australian Consolidated Acts South Australian Consolidated Acts21—Functions and powers of the Authority
(1) The functions of
the Authority are—
(a) to
develop and implement borrowing and investment programmes for the benefit of
councils and prescribed local government bodies; and
(b) to
engage in such other financial activities as are determined by the Minister,
after consultation with the LGA, to be in the interests of local government.
(2) For the purposes
of this Act, the Authority may—
(a)
borrow money within or outside Australia; or
(c)
accept money on deposit or loan from a council or prescribed local government
body; or
(d) lend
or invest money held by the Authority; or
(e)
issue, sell, purchase, pay-off, repurchase, redeem, convert or otherwise deal
in or with securities or shares; or
(f) open
and maintain accounts with an ADI or any other financial institution within or
outside Australia; or
(g)
appoint an ADI or other person to act as underwriter, manager, trustee,
attorney or agent in connection with any transaction within or outside
Australia; or
(h)
enter into contracts of guarantee or indemnity; or
(i)
acquire, hold, deal with and dispose of real and personal
property; or
(ia)
enter into partnerships and joint ventures and form companies; or
(j)
enter into any agreement or arrangement of a kind not previously mentioned in
this subsection or acquire or incur any other rights or liabilities; or
(k)
exercise any other powers that are necessary or expedient for the performance
of its functions.
(2a) The Authority
must not—
(a) make
a loan, other than one to a council or prescribed local government body; or
(b) make
an investment; or
(c)
enter into a partnership or joint venture or form a company,
except with the approval of the Treasurer.
(3) The Authority may,
at the request of a council or prescribed local government body, provide
advice or assistance to the council or body in relation to the management of
its financial affairs.