The authority shall have powers:

(1) To have a seal and alter the same at will;

(2) To acquire, hold, and dispose of personal property for its corporate purposes;

(3) To acquire in its own name by purchase, on such terms and conditions and in such manner as it may deem proper, or by condemnation in accordance with and subject to any and all existing laws applicable to the condemnation of property for public use, real property or rights or easements therein or franchises necessary or convenient for its corporate purposes; to use such property so long as its corporate existence shall continue; and to lease or make contracts with respect to the use or disposal of the property in any manner it deems to its best advantage. The authority shall be under no obligation to accept and pay for any property condemned under this article except from the funds provided under the authority of this article. In any proceedings to condemn, such orders may be made by the court having jurisdiction of the action as may be just to the authority and to the owners of the property to be condemned. No property shall be acquired under this article upon which any lien or other encumbrance exists, unless at the time such property is so acquired a sufficient sum of money is deposited in trust to pay and redeem such lien or encumbrance in full. If the authority shall deem it expedient to construct any project on lands the title to which shall then be in the state, the Governor is authorized to convey, for and in behalf of the state, title to such lands to the authority upon payment to the Office of Treasury and Fiscal Services for the credit of the sinking fund of the state of the reasonable value of the lands, their value to be determined by three appraisers to be agreed upon by the Governor and the chairman of the authority. Consideration shall be given in any determination of the value of lands owned by the state to the monetary value to be rendered to the state by development of the property so transferred, and this value shall be deducted from the appraised value;

(4) To appoint and select officers, agents, and employees, including attorneys and engineering, architectural, and construction experts, and fix their compensation;

(5) To make contracts and to execute all instruments necessary or convenient, including contracts for construction of projects and leases of projects or contracts with respect to the use of projects which it causes to be erected or acquired. Any and all departments or agencies of the state are authorized to enter into leases or agreements with the authority upon such terms and for such purposes as they deem advisable;

(6) To construct, erect, acquire, own, repair, remodel, maintain, add to, extend, improve, equip, operate, and manage self-liquidating projects to be located on property owned by the authority, the cost of which shall be paid solely from the proceeds of revenue bonds of the authority or from such proceeds and any federal grant; (7) To accept loans and grants of money or materials or property of any kind from the United States of America or any agency or instrumentality thereof, including the Reconstruction Finance Corporation, upon such terms and conditions as the United States government or such agency or instrumentality, including the Reconstruction Finance Corporation, may impose;

(8) To borrow money for any of its corporate purposes and to issue negotiable revenue bonds payable solely from earnings of projects and to provide for the payment of the same and for the rights of the holders thereof;

(9) To exercise any power usually possessed by private corporations performing similar functions, which is not in conflict with the Constitution and laws of this state; and

(10) To do all things necessary or convenient to carry out the powers expressly given in this article.