(1) Have perpetual succession in corporate name;

(2) Sue and be sued in corporate name;

(3) Adopt, use and alter a corporate seal, which shall be judicially noted;

(4) Enter into contracts and cooperative agreements with state, federal and local governments, with private individuals and corporations and with associations and organizations as the board may deem necessary or convenient to enable it to carry out the purposes of this part. This authority includes, without limitation, the power to contract and make cooperative arrangements with the adjoining state of Mississippi, including cities, counties and other public agencies within that state, for planning, land purchase and acquisition, construction, operation and maintenance of all works related to water resources, development, conservations and open space. It is the intent of this subdivision (4) that the authority have full powers to operate across state lines, subject only to contractual agreements with private, governmental and public bodies and agencies;

(5) Adopt, amend and repeal bylaws;

(6) Appoint such managers, officers, employees, attorneys and agents as the board deems necessary or convenient for the transaction of its business and to fix their compensation, define their duties and require bonds of such of them as the board may determine;

(7) Accept grants, funds and other assistance from any governmental agencies, private agencies and individuals and spend these in behalf of the programs;

(8) Investigate and study all water and related land resources of the Chickasaw basin for overall planning and development;

(9) Adopt a comprehensive plan for development of the water, land and related land resources of the Chickasaw basin area, which will include, as a minimum, the identification of projects, works and facilities needed to protect, enhance and accelerate the orderly growth, safety, welfare and development of the area. Such plan shall take into account the plans and proposals adopted by other local, state and federal agencies dealing with water and related land resources development, conservation and control and shall be compatible with plans of the Memphis-Delta development district. Special consideration shall be given to projects and work related to the United States corps of engineers, the United States soil conservation service and the United States department of the interior;

(10) Execute contracts with existing agencies involved in regional planning and development for providing combined staffs and operating personnel, including the Mississippi-Arkansas-Tennessee council of governments, and a development district organized under title 13, chapter 14;

(11) Prepare preliminary architectural and engineering plans for specific projects and works of the authority;

(12) Prepare detailed architectural and engineering plans and specifications for specific projects and works related to water resources and related land development, flooding, navigation, harbors, conservation, water quality and open space;

(13) Arrange and cooperate with any city, county, state or supplier of utilities for the abandonment, relocation or other adjustment on roads, highways, bridges and utility lines and services;

(14) Acquire by purchase or by gift all land or interest in land, including easements, rights-of-way and leasehold interests and facilities within the area needed for construction of water control structures, channel improvements and facilities for navigation, drainage, irrigation, water conservation and supply, recreation, fish and wildlife conservation and open space. The authority may hold, mortgage or otherwise encumber, sell, lease or sublease such land or interests in land or easements deemed to be in the public interest. During the time that title to such property is held in public ownership, it is exempt from all taxes levied by the state and all political subdivisions thereof; and all other property and activities of the authority are similarly exempt. The authority may lease or rent privileges in or upon any property under its control upon such terms and conditions as it deems to be in the public interest. All funds derived from the disposal by the authority of any interest in real property shall, notwithstanding § 12-2-112(a)(7), be deposited to a reserve account for the use and benefit of the Chickasaw basin authority. The funds in such account may be expended only after they have been appropriated and allotted in accordance with title 9, chapter 4;

(15) Build, construct, operate, manage, lease and maintain all works, facilities and programs needed for water controls, channel improvements, navigation, drainage, irrigation, water conservation, water quality, water supply, recreation, fish and wildlife conservation and open space;

(16) Fund jointly with the state the planning, acquisition of land and facilities, construction, operation, management and maintenance of all works, facilities and programs needed by the authority;

(17) Fix, levy and collect fees, rents, tolls or other charges for the use of or in connection with any works or programs that are administered by the authority and with any bond issue that may be issued under this part; and

(18) Develop reservoirs and shoreline lands for recreational use and provide for their operation.