(a) Each board is authorized and empowered:

(1) To have perpetual succession as a body politic and corporate and to adopt bylaws for the regulation of its affairs and the conduct of its business;

(2) To adopt an official seal and alter it at pleasure;

(3) To maintain an office at such place in the county creating the board as it may designate;

(4) To sue and be sued in its own name;

(5) To accomplish waterworks facilities and wastewater facilities projects as authorized by this subchapter and the ordinance creating the board;

(6) To lend money, directly or indirectly, for the financing of the construction, acquisition, and equipment of all or a portion of a waterworks facility and/or wastewater facility project;

(7) To invest money, including a major portion of the proceeds of any issue of bonds for the term of the bonds or a shorter period, in consideration of a contract to make payment or payments to provide for the payment of the principal, premium, if any, and interest on the bonds when due;

(8) To fix, charge, and collect rents, fees, and charges for the use of any waterworks facilities;

(9) To employ and pay compensation to such employees and agents, including attorneys, consulting engineers, architects, surveyors, accountants, financial experts, and such other employees and agents as may be necessary in its judgment, and to fix their compensation;

(10) To do any and all other acts and things in this chapter authorized or required to be done, whether or not included in the powers mentioned in this section; and

(11) To do any and all other things necessary or convenient to accomplish the purposes of this subchapter.

(b) Any board established under this chapter may, in its discretion, invest any of its funds not immediately needed for its purposes in bonds issued under the provisions of this chapter.