The Authority may exercise all powers necessary or convenient for carrying out its purposes.
(a) perpetual existence as a corporation;
(b) rights to sue and be sued, to implead and be impleaded, to complain and defend in all courts;
(c) power to adopt, use, and alter at will a corporate seal;
(d) power to acquire, purchase, hold, and use any property, real, personal, or mixed, tangible or intangible, or any interest necessary or desirable for carrying out the purposes of the Authority;
(e) power to lease as lessee any property, real, personal or mixed, or any interest in property, for a term not exceeding 99 years at a nominal or other rent;
(f) power to lease as lessor to any person, any project at any time constructed by the Authority, whether wholly or partially completed, and any property, real, personal or mixed, tangible or intangible, or any interest in property, at any time acquired by the Authority, whether wholly or partially completed;
(g) power to sell or otherwise transfer to the County any project at any time constructed by the Authority, and any property, real, personal or mixed, tangible or intangible, or any interest in property, at any time acquired by the Authority;
(h) power to acquire by purchase, lease or otherwise hold and to construct, improve, equip, furnish, maintain, repair and operate projects;
(i) power to appoint officers, attorneys, accountants, agents, and employees; to prescribe their duties and to fix their compensation; and to provide a merit system for its employees;
(j) power to appoint an executive officer;
(k) power to make bylaws for the management and regulation of its affairs;
(l) power to fix, charge, and collect tolls, rates, rents, and other charges for the use of the facilities of, or for the services rendered by, the Authority or its projects, at reasonable rates, to be determined by the Authority to:
(1) pay the expenses of the Authority;
(2) construct, improve, repair, equip, furnish, maintain, and operate its facilities and projects;
(3) pay the principal and interest on its bonds and obligations; and
(4) fulfill the terms of any agreements with the purchasers or holders of its bonds or obligations;
(m) power to borrow money and issue negotiable revenue bonds, on a taxable or tax exempt basis, and to secure the payment of such bonds, or any part thereof, by pledge or indenture of trust of all or any part of its revenues, rents and receipts. The Authority may issue bonds on behalf of the County for the public purposes of the County;
(n) power to make contracts of every kind and to execute all instruments necessary or convenient to carry on its business;
(o) power to borrow money and accept grants from, and to enter into contracts, leases, or other transactions with, any federal or state agency;
(p) power to acquire in its own name, by condemnation under the State condemnation law, real property, rights, or easements, franchises, and licenses convenient for its corporate purposes. However, the Authority is under no obligation to accept and pay for any property condemned under this Chapter except from the funds provided to the Authority under this Chapter. In any proceeding to condemn property, the Court may enter such orders as may be just to the Authority and to the owner of the property to be condemned. Property owned by the County, or by any County agency, or property of the State, may not be acquired by the Authority by purchase or condemnation without the prior consent of the Executive or the Board of Public Works of the State, as applicable;
(q) power to pledge, hypothecate or otherwise encumber revenues or receipts of the Authority as security for obligations of the Authority;
(r) power to do all acts and things necessary or convenient to carry out the powers granted to it under this Chapter or any other law, resolution, or regulation;
(s) power to enter into agreements with the State Highway Administration or any other public body providing for the construction or reconstruction of highways and bridges by the Authority, if necessary for the acquisition or construction of toll bridges or roads by the Authority;
(t) power to acquire, by assignment from the State or the County, contracts which are not completed and which involve constructing, improving, equipping, furnishing, maintaining, and operating structures, facilities, or undertakings similar to those designated as projects; and
(u) power to convey to the County all of its right, title and interest in any project if the revenue bonds or revenue refunding bonds issued under this Chapter to provide the funds for the cost of a project or to secure funding for other projects has been paid and retired. (1992 L.M.C., ch. 35, § 2.)
