§ 7505. Powers of board. The board shall have the power:

(1) To make and alter bylaws for the management of its affairs.

(2) To enter into contracts of all kinds and to execute all instruments necessary or convenient for carrying out its operations.

(3) To accept grants, subsidies and loans from and enter into agreements or other transactions with any Federal or Commonwealth agency.

(4) To be a party to any action in any court concerning matters affecting the board, except that no provisions of this chapter shall constitute a waiver of sovereign immunity except as provided in Chapter 85 of Title 42 (relating to matters affecting government units).

(5) To make loans for the repair, construction, reconstruction, rehabilitation, extension and improvement of community water supply systems and for the repair, reconstruction or rehabilitation of flood control facilities, dams and port facilities in accordance with the provisions of this chapter.

(6) To adopt administrative procedures relating to the processing of loan applications necessary for implementing the provisions of this chapter.

(7) To cooperate with Federal, Commonwealth and local agencies and interstate river basin commissions in order to accomplish the purposes of this chapter as expeditiously as possible.

(8) To acquire or take title by foreclosure to any real or personal property which has been pledged as security for a loan granted by the board, and which has been defaulted, and to operate or dispose of the property in accordance with section 7517 (relating to supervision of project and security from default). All costs arising out of the foreclosure, acquisition or operation shall be paid from the Water Facilities Loan Fund. All proceeds or revenues resulting from foreclosure, acquisition or operation of the property shall be deposited in the Water Facilities Loan Fund. All proceeds or revenues resulting from the sale, lease or disposal of the property shall be deposited in the Water Facilities Loan Redemption Fund for the purchase or retirement of bonds and payment of interest and premium if any.

(9) To make reimbursement to the department or to any agency of the Commonwealth for administrative expenses incurred in the provision of services in connection with the performance of duties under this chapter.

(10) To adopt and, from time to time, amend and repeal rules and regulations to carry out the provisions of this chapter.

(11) To do all other things necessary and convenient to carry out the purposes and provisions of this chapter.