1. (a) An authority may exercise power necessary or convenient to carry out a purpose of this chapter, including the power to:

   1. (1) adopt an official seal, or alter it;
   2. (2) adopt rules;
   3. (3) enter into a contract or incur a liability;
   4. (4) acquire and dispose of money;
   5. (5) select a depository;
   6. (6) establish a system of accounts for the authority;
   7. (7) invest funds in accordance with Chapter 2256, Government Code;
   8. (8) set the fiscal year for the authority;
   9. (9) adopt an annual operating budget for major expenditures before the beginning of the fiscal year;
   10. (10) borrow money or issue a bond in an amount that does not exceed the maximum amount set by the governing body of the municipality;
   11. (11) loan money;
   12. (12) acquire, lease, lease-purchase, convey, grant a mortgage on, or otherwise dispose of a property right, including a right regarding base property;
   13. (13) lease property located on the base property to a person to effect the purposes of this chapter;
   14. (14) request and accept a donation, grant, guaranty, or loan from any source permitted by law;
   15. (15) operate and maintain an office;
   16. (16) charge for a facility or service;
   17. (17) exercise a power granted to a municipality by Chapter 380;
   18. (18) authorize by resolution the incorporation of a nonprofit airport facility financing corporation as provided and authorized by Subchapter E, Chapter 22, Transportation Code, to provide financing to pay the costs, including interest, and reserves for the costs of an airport facility authorized by that chapter and for other purposes set forth in the articles of incorporation; and
   19. (19) exercise the powers granted to a local government for the financing of facilities to be located on airport property, including those set out in Chapter 22, Transportation Code, consistent with the requirements and the purposes of Section 52-a, Article III, Texas Constitution.
2. (b) An authority shall establish and maintain an office and agent registered with the secretary of state.
3. (c) An authority shall endeavor to raise revenue sufficient to pay its debts.

Added by Acts 1999, 76th Leg., ch. 1221, Sec. 1, eff. Aug. 30, 1999.

Amended by Acts 2001, 77th Leg., ch. 1516, Sec. 1, eff. June 17, 2001. Renumbered from Local Government Code Sec. 378.004 by Acts 2003, 78th Leg., ch. 1275, Sec. 2(108), eff. Sept. 1, 2003.