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(1) The authority shall:
(a) facilitate or operate and maintain a scenic and historic railroad in and around Weber and Box Elder Counties;
(b) facilitate or operate and maintain one or more railroad history museums in and around Weber and Box Elder Counties;
(c) facilitate the restoration, preservation, and public display of railroad artifacts and heritage in and around Weber and Box Elder Counties; and
(d) facilitate the restoration, preservation, and operation of historically significant railroad related properties in and around Weber and Box Elder Counties for public benefit.
(2) The authority has perpetual succession as a body politic and corporate and may:
(a) adopt, amend, and repeal policies and procedures for the regulation of its affairs and the conduct of its business;
(b) sue and be sued in its own name;
(c) maintain an office at a place it designates within the state;
(d) adopt, amend, and repeal bylaws and rules, consistent with this chapter, to carry into effect the powers and purposes of the authority and the conduct of its business;
(e) purchase, lease, sell, and otherwise dispose of property and rights-of-way;
(f) employ experts and other professionals it considers necessary;
(g) employ and retain independent legal counsel;
(h) make and execute contracts and all other instruments necessary or convenient for the performance of its duties under this chapter as described in Subsection (1);
(i) procure insurance for liability and against any loss in connection with its property and other assets in amounts and from insurers it considers desirable;
(j) receive appropriations from the Legislature and receive other public money and accept aid or contributions from any source of money, property, labor, or other things of value to be held, used, and applied to carry out the purposes of this chapter, subject to the conditions upon which the grants and contributions are made, including gifts or grants from a department, agency, or instrumentality of the United States or of this state for any purpose consistent with this chapter;
(k) enter into agreements with a department, agency, or instrumentality of the United States or this state for the purpose of providing for the operation and maintenance of a scenic railway in and around Weber and Box Elder Counties; and
(l) do any act necessary or convenient to the exercise of the powers granted to the authority by this chapter.
(3)
(a) All money received by the authority under Subsection (2)(j) and from any other source is for the exclusive use of the authority in the performance and exercise of its duties under this chapter as described in Subsection (1).
(b) Money received by the authority may not be used for any other purpose or by any other entity.