(a) In addition to exercising the powers set forth elsewhere in this subchapter, and unless its certificate of incorporation or interlocal agreement provides otherwise, each public body created under this subchapter shall have the power to:

(1) Have perpetual succession as a body politic and corporate;

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

(3) Execute and perform contracts;

(4) Sue and be sued;

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

(6) Employ the services of all personnel necessary to its operations and, in connection therewith, adopt and implement such healthcare, disability, bonus, retirement, and other employee benefit plans as the board of commissioners shall deem appropriate;

(7) Employ the services of professionals;

(8) Purchase insurance, maintain reserves for self-insurance, and become self-insured for the payment of compensation under the Workers' Compensation Law, § 11-9-101 et seq., by compliance with the requirements of § 11-9-404(a)(2), provided that deposit of an indemnity bond, letter of credit, or securities shall not be required;

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

(10) Apply for, receive, and use loans, grants, taxes, donations, and contributions from any public agency or other lawful source, including any proceeds from the sale of bonds;

(11) Borrow money on a secured or unsecured basis, and in connection therewith, issue bonds, promissory notes, or other evidence of indebtedness and make and deliver indentures, mortgages, pledges, security agreements, financing statements, and other instruments encumbering assets of the public body;

(12) Pay reasonable franchise fees, make payments in lieu of taxes, or otherwise make payments to the participating public agencies in such amounts as may be required or permitted by the participating public agencies;

(13) Exercise such other powers, privileges, and authorities as the participating public agencies shall have delegated to the public body by their interlocal agreement, subject to any restrictions imposed thereon by the interlocal agreement or applicable law;

(14) Have such other and further powers relating to the ownership and operation of waterworks systems as are now by law given to the governing body of any participating public agency and 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;

(15) Own and operate a wastewater system that the public body acquires from a municipality, county, corporation, organization, other public body, or entity from which the public body simultaneously acquires or previously acquired a water system;

(16) Manage or operate a water system under a contract executed by the public body and a municipality, county, corporation, organization, other public body, or entity authorized by law to own and operate the water system;

(17) Purchase goods and services under applicable law for the public body; and

(18) Purchase professional services under § 19-11-801 et seq. or by any method of competitive bidding including without limitation reverse auctions.

(b) A public body created under this subchapter shall constitute a separate legal entity, but to the extent provided by state law or set forth in the certificate of incorporation of the public body or the interlocal agreement of the participating public agencies, shall be subject to the further supervision or regulation of, or require the further approval or consent of, any participating public agency.