Sec 15-1174. Powers and duties

The state board of education on behalf of the state of Arizona is authorized and empowered to:

1. Collect, compromise, adjust or cancel claims and obligations arising out of or administered under this article or under any mortgage, lease, contract or other agreement entered into or administered pursuant to this article and, if in its judgment necessary and advisable, pursue the same to final collection in any court having jurisdiction.

2. Bid for and purchase at any execution, foreclosure or other sale, or otherwise to acquire, property upon which the state board has a lien by reason of a judgment or execution, or which is pledged, mortgaged or conveyed or which otherwise secures any loan or other indebtedness owing to or acquired by the state board under this article.

3. Accept title to any property so purchased or acquired, to operate or lease such property for such period as may be deemed necessary to protect the investment therein and to sell or otherwise dispose of such property in a manner consistent with the provisions of this article.