Each authority is given power and authority as follows:
(1) To make and adopt all necessary bylaws, rules, and regulations for its organization and operations not inconsistent with law;
(2) To elect officers, to appoint committees, and to employ and fix the compensation for personnel necessary for its operation;
(3) To enter into contracts with any person, governmental department, firm, or corporation, including both public and private corporations, and generally to do any and all things necessary or convenient for the purpose of acquiring, owning, equipping, leasing, licensing, constructing, maintaining, improving, extending, financing, operating, and governing a surface public transit system covering all publicly and privately owned public transportation service provided within its boundaries to best serve the region in which it is located;
(4) To delegate any authority given to it by law to any of its officers, committees, agents, or employees;
(5) To apply for, receive, and use grants-in-aid, appropriated funds, donations, and contributions from any source, including without limitation the United States Government and any agency thereof, the Arkansas Department of Transportation, and the State of Arkansas and any agency thereof, and to accept and use bequests, devises, gifts, and donations from any person, firm, or corporation;
(6) To acquire lands and hold title thereto in its own name;
(7) To acquire, own, hold, lease as lessor or as lessee, sell, encumber, dispose of, or otherwise deal in and with any facilities or real, personal, or mixed property, wherever located;
(8)
(A) To constitute the authority or a committee thereof as improvement district commissioners and to create and operate an improvement district, composed of the area encompassed within the jurisdictions of the participating governing bodies, upon the petition of persons claiming to be two-thirds (2/3) in value of the owners of real property in the area, as shown by the last county assessment.
(B) The improvement district shall be for the purpose of providing basic revenues to operate the authority or in conjunction with the payment of bond principal and interest and any other expenses incurred in the issuance of transit bonds as provided in this chapter.
(C) The creation and operation of such an improvement district shall, to the extent consistent with this chapter, be in accordance with the procedures established by the laws of this state for the creation and operation of municipal improvement districts;
(9) To borrow money and execute and deliver negotiable notes, mortgage bonds, other bonds, debentures, and other evidences of indebtedness therefor, and give such security therefor as shall be requisite, including giving a mortgage or deed of trust on its properties and facilities in connection with the issuance of mortgage bonds;
(10) To raise funds by the issuance and sale of revenue bonds in the manner and according to the terms set forth in this chapter;
(11) To expend its funds in the execution of the powers and authorities given in this section and to invest and reinvest any of its funds pending need therefor;
(12) To apply for, receive, and use loans, grants, donations, technical assistance, and contributions from any other regional or area transit authorities or commissions that may be established and any agency of the United States Government or the State of Arkansas;
(13) To enforce all rules, regulations, and statutes relating to the transit system;
(14) To plan, establish, develop, construct, enlarge, improve, maintain, equip, operate, and regulate the system and auxiliary services and facilities including, but not limited to, parking facilities or decks, and to protect and police the properties of the authority, in cooperation with the law enforcement agencies and officers having jurisdiction in the area where the facilities of the authority are located; and
(15) To take such other action, not inconsistent with law, as may be necessary or desirable to carry out the powers and authorities conferred by this section and the intent and purposes of it.