(a) The corporation shall have and exercise all of the rights, powers, privileges, authority, and functions given by the general laws of this state to nonprofit corporations incorporated under the Arkansas Nonprofit Corporation Act of 1993, § 4-33-101 et seq.

(b) In addition to the rights, powers, privileges, authority, and functions authorized under subsection (a) of this section, the corporation shall have the following powers with respect to projects, together with all powers incidental to those powers or necessary for the performance of those powers set forth in this subsection:

(1) To receive sales and use taxes levied under § 14-174-101 et seq., from the local government or governments under whose authority the corporation was created;

(2) To acquire, whether by construction, devise, purchase, gift, lease, or otherwise or any one (1) or more of those methods and to construct, improve, maintain, equip, and furnish one (1) or more projects located within the state and within or near the corporate limits of the local government or governments under whose authority the corporation was created;

(3) To lease to a user all or any part of any project for the rentals and upon such terms and conditions as the corporation's board may deem advisable and not in conflict with the provisions of this chapter;

(4) To sell by installment payments or otherwise and convey all or any part of any project to a user for a purchase price and upon such terms and conditions as the corporation's board may deem advisable and not in conflict with the provisions of this chapter;

(5) To donate, exchange, convey, sell, or lease land, improvements, or any other interest in real property or furnishings, fixtures, or equipment or personal property to an institution of higher education for a legal purpose of the institution upon such terms and conditions as the board may deem advisable and that are not in conflict with the provisions of this chapter;

(6) To make loans to a user for the purpose of providing temporary or permanent financing or refinancing of all or part of the cost of any project, including the refunding of any outstanding obligations, mortgages, or advances issued, made, or given by any person for the cost of a project, and charge and collect interest on the loans for the loan payments and upon such terms and conditions as its board may deem advisable and not in conflict with the provisions of this chapter;

(7) To contract with private enterprises to carry out industrial development programs or objectives or to carry out or assist with the development or operation of an economic development project or economic development services, as defined under § 14-174-105, or objectives consistent with the purposes and duties of the corporation, upon the terms and conditions the board of the corporation deems advisable and not in conflict with this chapter;

(8) To appoint, employ, and compensate such employees, agents, architects, planners, engineers, accountants, attorneys, and other persons as the activities of the corporation may require;

(9)

(A) To invest any of the corporation's funds that the board may determine are not presently needed for its corporate purposes in obligations that are direct or guaranteed obligations of the United States, other securities in which public funds may be invested under the laws of this state, or securities of or other interests in open-end investment companies or investment trusts registered under the Investment Company Act of 1940, 15 U.S.C. § 80a-1 et seq.

(B) However, the portfolio of any investment company or investment trust is limited solely to securities in which public funds may be invested under the laws of this state;

(10) Contract with enterprises to impose such terms and conditions on the receipt of benefits provided by a corporation as the corporation's board may deem advisable and not in conflict with the provisions of this chapter; and

(11)

(A) To exercise all powers necessary or appropriate to effect the purposes for which the corporation is organized.

(B) However, the powers are subject to the control of the local government or governments under whose authority the corporation was created.