The commissioners appointed by such governing body or municipality shall, subject to the approval of such governing body, have the following authority, powers and rights: Said commissioners may adopt reasonable bylaws for the conduct of said commission. Said commissioners shall be governed by and fulfill the terms and provisions of the trust indenture or resolution under which the revenue bonds of such governing body were issued, and in so doing the commission shall manage and control the bridge, the approaches thereto, and all appurtenant and physical properties connected therewith, both real and personal, and shall provide for the regular inspection, repair, maintenance and improvement of said bridge and its approaches. Said commission may make any contract and authorize any purchases from the funds realized from the revenues of said bridge and available under the trust indenture or resolution under which the bridge revenue bonds of the governing body were issued for the purposes of repairs, maintenance and improvements, which said contracts and purchases may, in the sound business judgment of the commission, be made without the necessity of prior advertisement or public bids. Said commissioners may employ a superintendent or manager of the bridge properties, fix the amount of his salary, either employ or delegate to said manager the employment of all subordinate personnel, provide for the wages and compensation of such subordinate employees, and shall require the said manager and such other employees as the commissioners may require to give bond, with sufficient surety, to be payable, conditioned and approved as provided by law, in a penalty equal to Ten Thousand Dollars ($10,000.00). The commissioners may place in effect, reclassify, revise and charge a schedule of tolls for transit over said bridge properties, and alter or revise the toll schedule as often as it shall appear necessary or proper; provide for the collection of such tolls and all other revenues and the safe handling and deposit of the funds so received, prepare such budgets and estimates alone or in connection with consulting engineers annually, or for such lesser period of time as may be deemed desirable; provide for an adequate bookkeeping system and regular audits, and keep or cause to be kept full and correct records of finances of said bridge; negotiate for all contracts incidental to or necessary for the proper insurance, maintenance, repair, improvement and operation of said bridge, including employer’s liability insurance with medical benefits for those employed by the commission for the operation and maintenance of said bridge; do and perform all other acts and negotiate for all other contracts which in the sound judgment of the commissioners, meeting with the approval of the governing body issuing the revenue bonds, are desirable or necessary in the interest of the proper, efficient, and economical management and operation of the said bridge and the advancement of the business thereof, all toward the object of fulfilling the obligations in the trust indenture or resolution under which the governing body authorized and issued its revenue bonds, and toward the ultimate freeing of the said bridge from tolls, as to the vehicular portion thereof, at the earliest date possible.