(a) The authority shall have the following powers, together with all powers incidental thereto or necessary to the discharge thereof in corporate form:

(1) To have succession by its corporate name for the duration of time, which may be in perpetuity, specified in its certificate of incorporation.

(2) To sue and be sued in its own name in civil suits and actions.

(3) To adopt and make use of a corporate seal and to alter the same at pleasure.

(4) To adopt and alter bylaws for the regulation and conduct of its affairs and business.

(5) To acquire, receive, take, and hold, whether by purchase, gift, lease, devise, eminent domain, or otherwise, property of every description, whether real, personal, or mixed, and to manage the property, and to develop any undeveloped property owned, leased, or controlled by it, provided, however, that no such authority shall acquire or lease real property located outside the boundaries of the city.

(6) To execute such contracts and other instruments and to take such other action as may be necessary or convenient to carry out the purposes of this subpart or the exercise of any power granted hereunder.

(7) To plan, establish, develop, acquire, construct, enlarge, improve, maintain, equip, operate, regulate, and protect parking facilities.

(8) To lease or let such facilities or any one or more of them to such tenant or tenants for such period and such compensation or rental and on such conditions as the authority may prescribe, subject to the limitations stated in Section 45-37A-56.30.

(9) To issue interest bearing revenue bonds payable from the limited sources hereinafter referred to.

(10) To pledge for payment of such bonds any revenues and funds from which such bonds are made payable.

(11) To make and enter into contracts, leases, and agreements incidental to or necessary for the accomplishment of any purpose or purposes for which the authority was organized.

(12) To appoint, employ, contract with, and provide for compensation of such officers, employees, and agents, including engineers, attorneys, consultants, fiscal advisers, and such other employees as the business of the authority may require, including the power to fix working conditions by general rule and other conditions of employment, and, at its option to provide a system of disability pay, retirement compensation, and pensions, or any of them, and to hire and fire servants, agents, employees, and officers at will.

(13) To fix, establish, collect, and alter parking fees, tolls, rents, and other charges for the use of any parking facility or other property owned or controlled by the authority.

(14) To make and enforce rules and regulations governing the use of any parking facility owned or controlled by the authority.

(15) To secure such insurance, including use and occupancy insurance, as the board may deem advisable.

(16) To invest any funds of the authority that the board may determine are not presently needed for its corporate purposes in any obligations which are direct general obligations of the United States of America or which are unconditionally guaranteed as to both principal and interest by the United States of America, or in bonds of this state or any county, city, or town therein.

(17) To cooperate with the state, any county, city, town, public corporation, agency, department, or political subdivision of the state, and to make such contracts with them as the board may deem advisable to accomplish the purposes for which the authority is established.

(18) To sell and convey any of its properties that may have become obsolete or worn out or that may no longer be needed or be useful.

(19) To receive and accept grants for or in aid of the construction, extension, improvement, maintenance, or operation of any parking facility from the United States of America or any agency thereof, and from the state, any department or agency thereof, and any political subdivision thereof, and to receive and accept money, property, labor, or other things of value from any source whatever.

(20) To purchase equipment and supplies necessary or convenient for the exercise of any power of the authority.

(b) As herein used the term area means any area, space, or location on, above, or below the surface of the ground or within, above, or below a building, structure, or improvement. The authority shall have the power to acquire, receive, take, and hold, whether by purchase, gift, lease, devise, eminent domain, or otherwise, any area for the purpose of establishing and operating thereon or therein a parking facility, and also the power to acquire, receive, take, and hold, by any of the aforesaid means, the right to install, construct, and maintain on the property of another person supports, structures, or improvements which shall be appurtenant to the parking facility the authority operates in the area. The authority shall have the power to sell or lease to another person, any area in any property held by the authority, provided the authority determines and declares that the authority does not need such area for any parking facility. If the authority sells or leases area to any person, under the power conferred in the next foregoing sentence, the authority shall have the power to sell, or lease, to such person the right to install, construct, and maintain on the authority’s property supports, structures, or improvements which shall be appurtenant to such person’s use of the area sold or leased to such person by the authority.