(1) General:

(A) Perpetual succession in corporate name;

(B) Sue and be sued in corporate name;

(C) Adopt, use and alter a corporate seal, which shall be judicially noticed;

(D) Enter into such contracts and cooperative agreements with the federal, state and local governments, with agencies of such governments, with private individuals, corporations, associations and other organizations as the board may deem necessary or convenient to enable it to carry out the purposes of this part;

(E) Adopt, amend and repeal bylaws; and

(F) Appoint such managers, officers, employees, attorneys and agents as the board deems necessary for the transaction of its business, fix their compensation, define their duties and require bonds of such of them as the board may determine. The salaries of any such employees may be paid out of such funds as may be available to the agency from any source;

(2) Formulation and Execution of Development Plans: The agency is authorized to:

(A) Investigate the resources of the Upper Duck River area and determine the requirements for their full development and for control and development of the Upper Duck River stream system as an integral part of the economy of the area;

(B) Develop and carry out a unified comprehensive program of resource development for economic growth of the area. These plans shall be consistent with plans for statewide economic development;

(C) In making such investigations and in formulating development plans, seek and utilize the assistance of appropriate federal, state and local agencies and of private citizens and citizen organizations interested in the conservation and development of the resources of the area;

(D) Provide, develop and help as appropriate the needed and feasible cooperative arrangements for the construction of water control structures, channel improvements and facilities for navigation, drainage, irrigation, water conservation and supply, industrial development and recreation as a part of comprehensive plans and, in aid of such activities, to accept loans, grants or other assistance from federal, state and local governments or from agencies of such governments; and

(E) Arrange with any city, county, municipality or supplier of utilities for the abandonment, relocation or other adjustment of roads, highways, bridges and utility lines;

(3) Land Acquisition: Acquire by purchase, lease, gift or in any manner other than by condemnation property of any kind, real, personal or mixed, or any interest therein, that the board deems necessary or convenient to the exercise of its powers or functions; and

(4) Management and Operation:

(A) Enter into contracts with municipalities, corporations and other public agencies or political subdivisions of any kind or with others for the sale of water for municipal, domestic, agricultural or industrial use or of any other services, facilities or commodities that the agency may be in a position to supply;

(B) Develop reservoirs and shoreline lands for recreational, educational and other uses as may be determined by the board of directors and provide for their operation for these purposes directly or by concessionaires, lessees or vendees of shoreline lands;

(C) Sell or lease shoreline lands acquired in connection with development of the Upper Duck River system for uses consistent with the agency's development plan and subject to such restrictions as the agency deems necessary for reservoir protection and to such requirements as to character of improvements and activities and the time within which such improvements or activities shall be undertaken as the agency deems appropriate to its overall development plan;

(D) Acquire or operate shoreline lands of reservoirs owned by the United States as the agent of the federal agency having custody and control thereof under appropriate agreements with such agencies;

(E) Acquire, construct or operate other facilities or works for improvement as are necessary to effectuate plans for comprehensive development of the area; and

(F) In addition to the investment of funds authorized by any other general law, invest funds to the same extent as utility districts are authorized to invest idle funds pursuant to § 7-82-108(a); provided, that the criteria set out in § 64-1-604(g) shall continue to apply to investments of refunding bond proceeds.