(1) In addition to any other powers granted to the authority in this part 11, the authority has the following powers: (a) To have the duties, privileges, immunities, rights, liabilities, and disabilities of a body corporate and political subdivision of the state; (b) To have perpetual existence and succession; (c) To adopt, have, and use a seal and to alter the same at its pleasure; (d) To sue and be sued; (e) To enter into any contract or agreement not inconsistent with this part 11 or the laws of the state; (f) To borrow money and to issue bonds evidencing the same; (g) To purchase, lease, lease with an option to purchase, trade, exchange, or otherwise acquire, maintain, hold, improve, mortgage, lease, encumber, and dispose of real property and personal property, whether tangible or intangible, and any interest therein, including easements and rights-of-way, without restriction or limitation; (h) To acquire office space, equipment, services, supplies, and insurance necessary to carry out the purposes of this part 11; (i) To deposit any money of the authority in any banking institution within or without the state or in any depository authorized in section 24-75-603, and to appoint, for the purpose of making such deposits, one or more persons to act as custodians of the money of the authority, who shall give surety bonds in such amounts and form and for such purposes as the board requires; (j) To contract for and to accept any gifts, grants, and loans of funds, property, or any other aid in any form from the federal government, the state, any state agency, or any other source, or any combination thereof, and to comply, subject to the provisions of this part 11, with the terms and conditions of such contracts or the acceptance of such items; (k) To have and exercise all rights and powers necessary or incidental to or implied from the specific powers granted in this part 11, which specific powers shall not be considered as a limitation upon any power necessary or appropriate to carry out the purposes and intent of this part 11; (l) To fix the time and place or places at which its regular and special meetings are to be held; (m) To adopt and from time to time amend or repeal bylaws and rules and regulations consistent with the provisions of this part 11, including rules regarding the definition and interpretation of terms used in this part 11. Nothing in this subsection (1)(m) grants the authority the power to redefine terms that are already defined in this part 11. (n) To elect one member as chairperson of the board and another member as chairperson pro tem of the board and to elect one or more members as secretary and treasurer of the board and elect or appoint such other offices as the board may determine and provide for their duties and terms of office; (o) To appoint agents, employees, and professional and business advisers, including real estate professionals, construction companies, property managers, attorneys, accountants, and financial advisers as may from time to time be necessary in its judgment to accomplish the purposes of this part 11, and to fix the compensation of such agents, employees, and advisers, and to establish the powers and duties of all agents, employees, and advisers, as well as any other person contracting with the authority to provide services, including termination of employment or the contract for services; (p) To make and execute agreements, contracts, and other instruments necessary or convenient in the exercise of the powers and functions of the authority under this part 11, including but not limited to contracts with any person, firm, corporation, municipality, state agency, county, or other entity. All municipalities, counties, and state agencies may enter into and do all things necessary to perform any such arrangement or contract with the authority. (q) To enter into interest rate exchange agreements for bonds in accordance with article 59.3 of title 11; and (r) Other powers necessary to accomplish the authority's specific goals as required under this part 11.
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