(a) Each research park authority board is given the following powers:

(1) To make and adopt all necessary bylaws for its organization and operation;

(2) To elect officers and to employ personnel necessary for its operation;

(3) To delegate any authority given to it by law to any of its officers, committees, agents, or employees;

(4) To enter into contracts necessary or incidental to its powers and duties under this chapter;

(5) To apply for, receive, and spend grants for any purpose of this chapter;

(6) To acquire lands and hold title to the lands acquired in its own name;

(7) To acquire, own, use, and dispose of property in the exercise of its powers and the performance of its duties under this chapter;

(8) To borrow money and execute and deliver negotiable notes in the exercise of its powers and the performance of its duties under this chapter;

(9) To issue bonds;

(10) To acquire, equip, construct, maintain, and operate a research park and appurtenant facilities or properties;

(11) To acquire, equip, construct, maintain, and operate research and related types of facilities, including education, training, office and support facilities, located at or near a research park for the purpose of securing and developing new businesses with a research orientation;

(12) To request and receive from time to time, from counties or cities within the boundaries of the research park authority, funds to finance and support the authority, including county or city turnback funds as set forth in §§ 27-70-206 and 27-70-207 for the purpose of matching federal transportation funds;

(13) To receive property or funds by gift or donation for the finance and support of the authority;

(14)

(A) Upon the petition of persons representing two-thirds (2/3) in value of the owners of real property in the area as shown by the last county assessment, to constitute the authority or a committee of the authority as an improvement district and to create and operate an improvement district composed of a specified area encompassed within the jurisdictions of the participating governing bodies.

(B)

(i) The improvement district shall be for the purpose of financing the construction, reconstruction, or repair of the research park and its facilities.

(ii) To the extent consistent with this chapter, the creation and operation of an improvement district shall be in accordance with the procedures established by the laws of the State of Arkansas for the creation and operation of municipal improvement districts;

(15) To plan, establish, develop, construct, enlarge, improve, maintain, equip, operate, and regulate a research park and auxiliary services and facilities and to establish minimum building codes and regulations and to protect and police the research park and other facilities of the authority in cooperation with the law enforcement agencies and officers having jurisdiction in the area where the facilities of the authority are located;

(16) To levy and collect a tax or fee to be levied upon and collected from the tenants or occupants of the research park or from the property owners within the improvement district or redevelopment district;

(17) To receive real and personal property from the United States for research park facilities and related purposes by donation, purchase, lease, or otherwise and subject to any conditions the United States may require and to which the authority may agree;

(18) To promote, advertise, and publicize the authority and its facilities and to represent and promote the interests of the authority; and

(19) To do all things necessary or appropriate to carry out the powers and duties expressly granted or imposed under this chapter.

(b) A research park authority may engage in the following activities:

(1) Research;

(2) Development of products or services, including without limitation:

(A) Advanced materials and manufacturing systems;

(B) Advanced electronics or computer products, or both;

(C) Agriculture, aquaculture, and forestry technologies;

(D) Bio-based products;

(E) Biotechnology, bioengineering, and life sciences;

(F) Engineering technology;

(G) Food and environmental sciences;

(H) Information and related technology;

(I) Medical devices;

(J) Nanotechnology;

(K) Pharmaceutical products;

(L) Products for energy conservation;

(M) Products for testing or remediation of environmental hazards;

(N) Software, including creative and artistic content and data communications; and

(O) Transportation logistics;

(3) Production of materials and products ancillary to items listed under subdivisions (b)(1) and (2) of this section; and

(4) Acting as support or resource services and suppliers in connection with items listed under subdivisions (b)(1)-(3) of this section.

(c) Any additional activities undertaken by a research park authority shall be related to the commercialization of research and the furtherance of products and services derived from research and development activities.

(d) The enumeration of powers under this section does not limit or circumscribe the broad objectives and purposes of this chapter and the broad objectives of developing a research park and necessary and desirable related facilities or properties.