The authority shall have the power:

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

(2) To acquire by purchase, lease, or otherwise and to hold, lease, and dispose of real and personal property of every kind and character for its corporate purposes;

(3) To acquire in its own name real property or rights of easement therein or franchises necessary or convenient for its corporate purposes by purchase, on such terms and conditions and in such manner as it may deem proper, or by condemnation in accordance with any and all laws applicable to the condemnation of property for public use; to use the property so long as its corporate existence shall continue and to lease or make contracts with respect to the use of or to dispose of the property in any manner it deems to the best advantage of the authority, the authority being under no obligation to accept and pay for any property condemned under this chapter, except from the funds provided under the authority of this chapter. In any proceedings to condemn, such orders as may be just to the authority and to the owners of the property to be condemned may be made by the court having jurisdiction of the proceedings. No property upon which any lien or other encumbrance exists shall be acquired under this chapter unless, at the time the property is so acquired, a sufficient sum of money is deposited in trust to pay and redeem the fair value of the lien or encumbrance. If the authority deems it expedient to construct any project on lands which are a part of the campus, grounds, or any other real estate holdings of a unit of the penal, correctional, or rehabilitation facilities of the state, the Governor is authorized to execute, for and on behalf of the state, a lease to the authority upon the lands for such parcel or parcels as shall be needed for a period not to exceed 50 years. If the authority deems it expedient to construct any project on any other lands, the title to which is then in the state, the Governor is authorized to convey, for and on behalf of the state, title to the lands for the authority as part of the consideration for the construction and financing of the project by the authority;

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

(5) To make contracts and leases and to execute all instruments necessary or convenient, including contracts for the 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 political subdivisions, departments, institutions, or agencies of the state are authorized to enter into contracts, leases, or agreements with the authority upon such terms and for such purposes as they deem advisable. Without limiting the generality of the above, authority is specifically granted to the Department of Corrections, for and on behalf of the units and institutions under its control, and to the authority to enter into contracts and lease agreements for the use of any structure, building, or facilities of the authority for a term not exceeding 50 years. The Department of Corrections, for and on behalf of any unit or institution or combination of units or institutions, may obligate itself to pay an agreed sum for the use of the property so leased and may also obligate itself, as part of the lease contract, to pay the cost of maintaining, repairing, and operating the property so leased from the authority;

(6) To construct, erect, acquire, own, repair, remodel, maintain, add to, extend, improve, equip, operate, and manage projects, as defined in paragraph (4) of Code Section 42-3-2, to be located on property owned by or leased by the authority, the cost of any such project to be paid in whole or in part from the proceeds of revenue bonds of the authority or from such proceeds and any grant from the United States government or any agency or instrumentality thereof;

(7) To accept loans or grants of money or materials or property of any kind from the United States government or any agency or instrumentality thereof, upon such terms and conditions as the United States government or the agency or instrumentality may impose;

(8) To borrow money for any of its corporate purposes and to issue negotiable bonds payable solely from funds pledged for that purpose 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 chapter.