The authority shall have the following powers together with all powers incidental thereto or necessary for the performance of the powers stated in this section:
(1) To have succession by its corporate name without time limit.
(2) To sue and be sued and to prosecute and defend civil actions in any court having jurisdiction of the subject matter and of the parties.
(3) To have and to use a corporate seal and to alter the same at its pleasure.
(4) To receive and expend funds from federal, state, county, municipal, and private sources for the purposes hereof.
(5) To dig channels, build dikes, dams, and lakes or ponds to contain flood waters as deemed useful by it to improve flood control, and whenever practical to build any and all facilities which can contribute to the use of such flood control channels for navigation.
(6) To contract with municipalities and counties for the financing and joint construction and operation of such facilities.
(7) To be responsible for regulating and facilitating traffic and transportation in and on the areas affected by any flood control project.
(8) To appoint, employ, contract with, and provide for the compensation of such employees, attorneys, architects, engineers, consultants, and agents as the board shall deem necessary for the conduct of the business of the authority.
(9) To apply for and receive and expend in accordance with the terms thereof grants from the United States of America or any agency thereof, the State of Alabama or any agency thereof, and from any municipality or county situated within the State of Alabama.
(10) To borrow money and to pledge as security therefor assets of the authority, without the right of lender to foreclose, and revenues of the authority or any portion thereof.
(11) To issue its revenue bonds to finance any construction project authorized hereunder under the same terms as provided for industrial development boards created under the provisions of Sections 11-54-80 to 11-54-101, inclusive, as amended, secured by rentals, taxes, or other income of the authority. All moneys derived from the sale of any bonds issued by the authority shall be used solely for the purpose or purposes for which the same are authorized, including, but without limitation to, the use of bond proceeds to establish reserve funds as security for the payment of the principal of, and premium, if any, and interest on the bonds, and any costs and expenses incidental thereto. Such costs and expenses may include, but shall not be limited to:
a. The fiscal, engineering, legal, and other expenses incurred in connection with the issuance of the bonds.
b. Except in the case of refunding bonds, interest to accrue on such bonds for a period ending not later than two years from their date.
(12) To establish by resolution such procedures for the conduct of its affairs as it may deem necessary.