shall determine the duties and compensation of the Presi-
dent. 
(b) EMPLOYEES.—The President may employ a gen-
eral counsel, architects, engineers, accountants, attorneys, 
financial advisors or experts and any other agents or em-
ployees who are required and determine their qualifica-
tions, terms of office, duties and compensation. 
SEC. 6. BANK AUTHORITY AND PROHIBITIONS. 
(a) AUTHORITY TO ISSUE GENERAL OBLIGATIONS, 
BONDS, OR NOTES.—The Bank may issue general obliga-
tions, bonds, or notes in such principal amounts as the 
Board deems necessary to provide funds for any purpose 
authorized in this Act, including— 
(1) making loans; 
(2) paying, funding, or refunding of the prin-
cipal of, or interest or redemption premiums on, any 
bonds or notes issued by it whether the bonds or 
notes or interest to be funded or refunded have or 
have not become due; 
(3) establishing or increasing of reserves to se-
cure or to pay bonds or notes or interest thereon, 
and 
(4) paying all other costs or expenses of the 
Bank, during the initial 2 years of operation, that 
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are incident to carrying out the Bank’s purposes and 
powers. 
(b) GENERAL POWERS.—The Bank may exercise the 
general powers of a bond bank, such as the power to— 
(1) sue and be sued; 
(2) adopt an official seal and alter the seal at 
pleasure; 
(3) adopt bylaws and make and enforce rules 
for the conduct of its business and for use of its 
services and facilities; 
(4) maintain an office at any place within the 
United States; 
(5) acquire, hold, use and dispose of its income, 
revenues, funds and moneys; 
(6) acquire, rent, lease, hold, use and dispose of 
other personal property for its purposes; 
(7) borrow money and issue its negotiable gen-
eral obligation debt instruments payable from reve-
nues or funds of the Bank, subject only to agree-
ments with the holders of particular bonds or notes 
pledging particular revenues or funds, and to provide 
for and secure the payment thereof and to provide 
for the rights of the holders thereof, and to pur-
chase, hold and dispose of any of its debt instru-
ments; Except as otherwise provided herein or by 
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the Bank, every issue of bonds or notes shall be gen-
eral obligations; 
(8) obtain additional security for bonds or notes 
by a pledge of any grant or contributions from the 
United States, a State or territory, or any other gov-
ernmental unit, or any person, firm or corporation, 
or a pledge of any income or revenues, funds or 
moneys of the Bank from any source whatsoever; 
(9) fix and revise from time to time and charge 
and collect fees and charges for the use of its serv-
ices or facilities; 
(10) accept gifts or grants of property, funds, 
money, materials, labor, supplies or services from 
the United States of America or from any govern-
mental unit or any person, firm or corporation, and 
carry out the terms or provisions or make agree-
ments with respect to any gifts or grants, and to do 
any and all things necessary and appropriate in con-
nection with procuring, acceptance or disposition of 
gifts or grants; 
(11) do anything authorized by this Act, 
through its officers, agents or employees or by con-
tracts with any person, firm or corporation; 
(12) enter into and enforce all contracts nec-
essary and appropriate for the purposes of the Bank 
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