For the purpose of accomplishing the duties enumerated in Section 41-23-173, the authority shall have the following powers:

1. (1) To acquire by purchase or gift any real, personal, or mixed property necessary or convenient in connection with the purpose for which the authority is formed and to hold title to such property, together with all rights incidental to its estate in such property.
2. (2) To lease all or any part of the facilities or property of the authority to any person and, from time to time, fix, revise, charge, and collect rentals under such leases.
3. (3) To adopt bylaws and policies, as approved by ADECA, to administer this article, including any bylaws necessary to meet the future needs of aerospace and defense infrastructure and capabilities in this state. Upon the adoption, amendment, or repeal of a bylaw or policy, the authority shall provide a copy to the Legislative Council for review.
4. (4) To make, enter into, and execute contracts, agreements, leases, and other instruments with public and private entities, and to take such other actions as may be necessary or convenient to accomplish any purpose for which the authority was organized or to exercise any power granted under this article.
5. (5) To accept gifts, loans, and grants to expend in taking any action not specifically prohibited by this article in furtherance of the purposes of this article.

(Act 2017-403, §5; Act 2026-324, §1.)