(a) In addition to other powers under this subchapter and unless the certificate of incorporation or interlocal agreement provides otherwise, each public body under this subchapter shall have the power to:

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

(2) Maintain offices it finds 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 find appropriate;

(7) Employ the services of professionals;

(8) Purchase insurance, maintain reserves for self-insurance, and become self-insured for the payment of workers' compensation under § 11-9-404(a)(2), provided that the 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 have delegated to the public body by the public agency interlocal agreement, subject to any restrictions imposed thereon by the interlocal agreement or applicable law; and

(14) Have such other and further powers relating to the ownership and operation of wastewater systems as are now by law given to the governing body of any participating public agency and do 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 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 or require the further approval or consent of any participating public agency.