(a) Unless its application provides otherwise, each public body shall have the power to:

(1) Have perpetual succession;

(2) Maintain such offices as it may deem appropriate;

(3) Execute and perform contracts;

(4) Apply for and receive permits, licenses, certificates, and approvals as may be necessary and construct, maintain, and operate facilities in accordance therewith;

(5) Employ the services of professionals;

(6) Purchase insurance;

(7) Purchase, receive, own, hold, improve, use, lease, sell, convey, exchange, transfer, assign, mortgage, pledge, or otherwise acquire, dispose of, or deal with, real or personal property or any legal or equitable interest therein in its own name;

(8) Apply for, receive, and use loans, grants, taxes, donations, and contributions from any public agency or other lawful source, including any taxes levied pursuant to any authority granted by the Arkansas Constitution or statutes, and amendments thereto, and any proceeds from the sale of bonds;

(9) Acquire by the exercise of the power of eminent domain any real property which it may deem necessary for its purposes, in the manner prescribed in §§ 18-15-1202 -- 18-15-1207 or in the manner provided by any other statutory provisions for the exercise of the power of eminent domain; and

(10) Do any and all other acts and things necessary, convenient, or desirable to carry out the purposes of and to exercise the powers granted to the public body by this subchapter.

(b) A public body corporate and politic created as provided by this subchapter shall constitute an independent legal entity, and, notwithstanding any other provision of state law or any ordinance, resolution, or other action of any participating public agency to the contrary, none of the powers granted to a public body under the provisions of this subchapter or in its application for incorporation shall be subject to the further supervision or regulation or require the further approval or consent of any participating public agency.