(a) The State Highway Commission is authorized and empowered to:

(1)

(A) Acquire by purchase or exercise of its powers of eminent domain sites and rights-of-way for, and construct, maintain, repair, and operate, turnpike projects at such locations as it shall determine in accordance with proper design and construction standards.

(B)

(i) Turnpike projects shall be constructed in accordance with applicable laws pertaining to competitive bidding, contracting, performance and payment bonds, and other matters applicable to similar highway construction by the commission.

(ii) However, turnpike projects developed in cooperation with other states, agencies, or political subdivisions thereof or nonmember nonstock transportation corporations created under the laws of another state may be developed, operated, and maintained on the basis of contracts for the design, engineering, procurement and construction, and like arrangements for the integrated development of turnpike projects or pursuant to the basis for the development, operation, and maintenance of a turnpike project permitted under the laws of another state upon the commission's setting forth in a resolution its finding that any such arrangement is the preferable method for development of the turnpike project and the reasons for such finding;

(2) Apply for, receive, accept, and use any moneys and properties from agencies of the United States Government, from any state or other governmental agency or political subdivision, from any public or private corporation, agency, or organization of any nature, and from any individual or group of individuals;

(3) Establish accounts in one (1) or more banks and thereafter from time to time make deposits in and withdrawals from such accounts and otherwise invest or reinvest its money;

(4) Obtain the necessary funds for financing the objects specified in this subchapter, including without limitation the proceeds of the sale of revenue bonds as authorized in this subchapter;

(5) Fix, revise from time to time, charge, and collect tolls for transit over each turnpike project constructed;

(6) Establish rules and regulations for the use of each turnpike project;

(7) Employ consulting engineers, attorneys, accountants, construction and financial experts, superintendents, and other employees and agents that may be necessary in its judgment;

(8) Enter into and implement any agreements or compacts with the United States or any state or any department or agency of the United States or of any state, or a political subdivision of any state, or any person concerning operation, revenues, or other matters pertaining to planning, financing, constructing, and operating turnpike projects leading from this state into another state or states and turnpike projects to be developed and operated jointly, whether by the commission, by another party to the agreement or compact, by an agency created pursuant to the agreement or compact, or by another person, whether or not leading from this state into another state or states; and

(9) Take such other action, not inconsistent with law, as may be necessary or desirable to carry out the powers conferred by this subchapter and to carry out the intent and purposes of this subchapter.

(b) Each turnpike project shall be separately designated by appropriate name or number and may be constructed, reconstructed, rehabilitated, or extended in sections and stages as the commission may from time to time determine.