A tax lagoon organized under this chapter, being a governmental subdivision of this State and a public body, corporate and politic, may exercise public powers, and in addition to such other powers as usually pertain to corporations, may:

(1) Levy taxes;

(2) Sue and be sued in the name of the tax lagoon; and suits against the tax lagoon shall be governed by subchapter I of Chapter 40 of Title 10;

(3) Make and execute contracts and other instruments necessary or convenient to the exercise of its powers;

(4) Borrow money for the purpose of dredging management and administering the tax lagoon;

(5) Acquire, by purchase, exchange, lease, gift, grant, bequest, devise or otherwise, any property, real or personal, or any rights or interests therein;

(6) Cooperate or enter into agreements with the state or federal governments or any agency or subdivision thereof;

(7) Exercise the power of eminent domain in accordance with the condemnation procedure prescribed in Chapter 61 of Title 10 with respect to lands outside the boundaries of the tax lagoon which are needed for right-of-way or outlet purposes;

(8) Accept contributions from landowners assessed in the tax lagoon and disburse such funds for the purposes of performing certain operations, such as, but not limited to, dredging, which operations are authorized in the tax lagoon order but which are not included in the original estimated costs; and

(9) Call upon the Division of Watershed Stewardship for assistance with administrative and operations problems of the tax lagoon.

73 Del. Laws, c. 389, § 1; 77 Del. Laws, c. 430, § 46.