An authority is authorized and empowered to:
(1) Acquire, by purchase or exercise of eminent domain, sites, and rights-of-way for and to construct, reconstruct, extend, maintain, repair, and operate tollway projects as defined in this chapter at such locations within the city involved as it shall determine and, in accordance with such design and construction standards as it shall determine, subject to the approval of the State Highway Commission. In this connection, an authority is authorized to acquire, and the State Highway Commission is authorized to convey to an authority, with this to constitute the sole authority required notwithstanding the provisions of any other laws pertaining to the disposition of state property, for inclusion in a tollway project any portion of a public highway, including necessary lands and interest therein, constructed or under construction, upon such terms and for such consideration as the State Highway Commission and the authority may agree upon. Projects shall be constructed in accordance with applicable laws pertaining to competitive bidding, contracting, performance, and payment bonds, and other matters applicable to street construction, which laws, as they may be amended or changed from time to time are incorporated by reference;
(2) Apply for, receive, accept, and use any moneys and properties from agencies of the United States Government, from any state or other governmental agency, from any public or private corporation, agency, or organization of any nature, and from any individual or group of individuals;
(3) Invest and reinvest any of its moneys;
(4) Establish accounts in one (1) or more banks, and, from time to time, make deposits into, and withdrawals from, such accounts;
(5) Contract and be contracted with;
(6) Obtain the necessary funds for financing the objects specified in this section including, without limitation, the proceeds of the sale of revenue bonds authorized by this chapter;
(7) Purchase, lease, or rent, and receive bequests or donations of, and sell or barter any real, personal or mixed property, or convert into money any property bequeathed or donated to it not needed or which cannot be used in the form received;
(8) Fix and revise from time to time, and charge and collect, tolls for transit over each tollway project constructed by it;
(9) Establish rules for the use of each tollway project;
(10) Employ consulting engineers, attorneys, accountants, construction and financial experts, superintendents, and such other employees and agents as may be necessary in its judgment and fix their compensation;
(11) Take such other action, not inconsistent with law, as may be necessary or desirable to carry out the powers and authority conferred by this chapter and carry out the intent and purposes of this chapter.