The authority has all of the following powers:

1. (a) To acquire, own, operate, and lease real and personal property reasonably related to the operation and maintenance of railroads.
2. (b) To issue revenue bonds pursuant to Section 93316 for any purpose of the authority.
3. (c) To acquire property by purchase, lease, gift, or through exercise of the power of eminent domain, within its area of jurisdiction.
4. (d) To operate railroads, including those outside its boundaries in order to connect its lines with the lines of another railroad corporation, provided the service begins within the authority’s area of jurisdiction.
5. (e) To accept grants or loans from federal agencies.
6. (f) To select a franchisee, which may be a public or private entity, to acquire or operate a rail transportation system within the area of the authority’s jurisdiction.