1. Except as otherwise provided in NRS 354.474 and 377.057 , the Authority: (a) Shall be deemed to be a public body corporate and politic, and an instrumentality, local government and political subdivision of the State, exercising public and essential governmental functions, and having all the powers necessary or convenient to carry out the purposes and provisions of NRS 315.961 to 315.99874 , inclusive, but not the power to levy and collect taxes or special assessments. (b) Is not an agency, board, bureau, commission, council, department, division, employee or institution of the State. 2. The Authority may: (a) Sue and be sued. (b) Have a seal. (c) Have perpetual succession. (d) Make and execute contracts and other instruments necessary or convenient to the exercise of its powers. (e) Deposit money it receives in any insured state or national bank, insured credit union, insured savings and loan association or insured savings bank, or in the Local Government Pooled Long-Term Investment Account created by NRS 355.165 or the Local Government Pooled Investment Fund created by NRS 355.167 . (f) Adopt bylaws, rules and regulations to carry into effect the powers and purposes of the Authority. (g) Create a business entity which has as its principal purpose the development, operation or management of housing projects. The Authority or any business entity created by the Authority pursuant to this paragraph may hold an ownership interest in a business entity created pursuant to this paragraph and participate in matters of corporate governance for that business entity. (h) Enter into agreements or other transactions with, and accept grants from and cooperate with, any governmental agency or other source in furtherance of the purposes of NRS 315.961 to 315.99874 , inclusive. (i) Enter into an agreement with a local government within the area of operation of the Authority to receive a loan of money from the local government in accordance with NRS 354.6118 . (j) Acquire real or personal property or any interest therein, by gift, purchase, foreclosure, deed in lieu of foreclosure, lease, option or otherwise.
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