Powers of Authority

The Authority shall have the following powers together with all powers incidental thereto or necessary for the performance of those hereinafter stated: 1. To sue and be sued and to prosecute and defend, at law or in equity, in any court having jurisdiction of the subject matter and of the parties; 2. To adopt and use a corporate seal and to alter the same at pleasure; 3. To contract and be contracted with; 4. To employ and pay compensation to such employees and agents, including attorneys, as the board deems necessary in carrying on the business of the Authority; 5. To establish bylaws and make all rules and regulations, not inconsistent with the provisions of this chapter, deemed expedient for the management of the Authority's affairs; 6. To borrow money and to accept contributions, grants, and other financial assistance from the United States government and agencies or instrumentalities thereof; the Commonwealth, or any political subdivision, agency, or public instrumentality of the Commonwealth; or any private person, foundation, or financial institution; 7. To issue bonds in accordance with applicable law; 8. To receive and expend moneys on behalf of tourist train development; and 9. To cooperate with any private or governmental entities in the states of West Virginia, Kentucky, Tennessee, or North Carolina in the development of a tourist train and theme park. 2017, c. 834 .