An authority may:
(a) Sue and be sued in its own name.
(b) Have an official seal.
(c) Have perpetual succession.
(d) Make and execute contracts and other instruments and documents.
(e) Make, amend, and repeal bylaws governing procedures and meetings of the board and the duties of its officers, and make, amend, and repeal rules, regulations, and policies governing the transaction of its business and the exercise of its powers.
(f) Use premises of, subject to the regulation thereof by, the public agency.
(g) Administer its funds and deposit, invest, and reinvest funds in the types of securities or obligations permitted the public agency in accordance with law.
(h) Use discretion in the undertaking of projects, including the establishment of reasonable priorities and criteria among the types and locations of projects and regarding companies.
(Amended by Stats. 1982, Ch. 1605, Sec. 5.)