(a) The purposes for which the proceeds of the special tax or the proceeds of bonds issued under the provisions of this subchapter may be expended and the authority and powers that may be exercised in connection with the accomplishment of these purposes are the following:
(1) The establishment, development, and improvement of harbors, ports, river-rail and barge terminals, and any facilities or improvements necessary or desirable in connection with the utilization and operation of them within and adjacent to any city;
(2) The acquisition by gift, purchase, negotiation, or condemnation under the power of eminent domain, the construction, reconstruction, extension, equipment, owning, leasing, with or without options to purchase and with or without options to extend or renew, and the selling, the contracting concerning, or otherwise dealing in, with, or disposing of, any lands, buildings, machinery, or other personal property and facilities of any and every nature whatever necessary or desirable in connection with the establishing, developing, and improving of harbors, ports, and river-rail and barge terminals, and the improving of such portions of waterways as may be necessary or desirable in connection with them, which waterways are not within the exclusive jurisdiction of the federal government;
(3) The fostering and stimulation of the shipment of freight and commerce through ports, harbors, and river-rail and barge terminals, whether originating within or without the State of Arkansas, including the investigation, handling, and dealing with matters pertaining to all transportation rates and rate structures affecting them;
(4) The acquisition by gift, purchase, negotiation, or condemnation under the power of eminent domain, the construction, reconstruction, extension, equipment, owning, leasing, with or without options to purchase and with or without options to extend or renew, and the selling, the contracting concerning, or otherwise dealing in, with, or disposing of, any lands, buildings, machinery, or other personal property and facilities of any and every nature whatever necessary or desirable in connection with the securing and developing of factories, industries, river transportation, industrial sites, and facilities for them within and adjacent to any city;
(5) The acquisition of such rights-of-way, sites and lands, or any interest in them, as may be necessary or desirable, and the construction, reconstruction, extension, and equipment on them of such improvements of every nature whatever as may be necessary or desirable in connection with the securing and developing of factories, industries, river transportation, industrial sites, and facilities for them within and adjacent to any city, including by example and without limiting the generality of the foregoing:
(A) Storm drainage facilities;
(B) Streets, roads, and highways, including, without limitation, existing streets, roads, and highways, which will serve, in whole or in part, the transportation needs of any such factories, industries, river transportation, and other facilities;
(C) Fire stations and fire fighting facilities, water facilities, sewer facilities, and any other public facilities of any nature whatever to serve, in whole or in part, the needs of any such factories, industries, river transportation, and other facilities;
(D) The making of cash or noncash grants-in-aid or the making available of any funds from any tax levied under this subchapter or from the proceeds of any bond issued under this subchapter to the State of Arkansas, or any department, agency, commission, committee, or authority of it, any political subdivision of the state, or any department, agency, commission, committee, or authority of any political subdivision of the state, the federal government, or any department or agency of the federal government. This includes, without limitation, any housing authority or any city or metropolitan or other port authority, or any similar agencies, so long as the cash or noncash grant-in-aid or such funds are necessary or desirable for the accomplishment of any of the purposes authorized by this subchapter;
(6) The power to appoint, employ, and dismiss, at pleasure, agents and employees and to fix and pay their compensation;
(7) The payment of such expenses and costs, and the making of such other expenditures of every nature whatever, as may be necessary or desirable in the accomplishment of the authorized purposes and powers;
(8) The accomplishment of any other public purpose, except those excluded by Arkansas Constitution, Amendment 18, constituting an authorized action or activity of a city of the first class under constitutional and statutory provisions of the State of Arkansas, including, without limitation, the making of secured loans to persons, corporations, or associations for the operation of factories and industries upon such terms and conditions as shall be specified and agreed upon from time to time by the governing body of any city;
(9) The power to do any and all actions and things of whatever nature necessary or incidental to the accomplishment of the purposes specified by Arkansas Constitution, Amendment 18 and by this subchapter, including, without limitation, those that may exist by virtue of any other constitutional or statutory provision, whether or not specifically enumerated.
(b) Nothing in this subchapter shall be construed as including within the purposes and powers specified by this subchapter the power or authority to use the power of eminent domain or to issue or sell bonds or to use the proceeds of these bonds or of any special tax levied under the provisions of this subchapter to purchase, condemn, or otherwise acquire any plant, property, transmission, or distribution facility owned or operated by any regulated public utility as defined in § 23-1-101.