(1) Acquire, construct, purchase, operate, maintain, replace, repair, rebuild, extend and improve, within the boundaries of Decatur, Hardin, Perry and Wayne counties, upon first obtaining express permission and authority from the governing body of such county or municipality wherein such facilities are or may be located, the ports and other facilities permitted by this chapter and any and all related facilities, equipment and appurtenances necessary or convenient to the improvement of the access to all channels of commerce, and to make such facilities available to any firm, person, public or private corporation, to any other shipper, consignee or carrier and to charge for their use and for any and all services performed by the authority;

(2) Accept donations to the authority of cash, lands or other property to be used in the furtherance of the purposes of this chapter;

(3) Accept grants, loans or other financial assistance from any federal, state, county or municipal agency or in aid of the acquisition or improvement of any of the facilities provided for in this chapter;

(4) Purchase, rent, lease or otherwise acquire any and all kinds of property, real, personal or mixed, tangible or intangible, and whether or not subject to mortgages, liens, charges or other encumbrances, for the counties that, in the judgment of the port authority commissioners, is necessary or convenient to carry out the powers granted in this section. The authority to acquire property includes, but is not limited to, the acquisition of lands in the vicinity of the port and terminal facilities provided for in this section that are suitable for use by industries requiring access to the water of the Tennessee River in their operations, upon first obtaining the express permission and authority from the governing body of such county or municipality where such property is or may be located;

(5)

(A) Make contracts and execute instruments containing such covenants, terms and conditions as in the judgment of the board may be necessary, proper or advisable for the purpose of obtaining grants, loans or other financial assistance from any federal or state agency for or in the aid of the acquisition or improvement of the facilities provided for in this chapter;

(B) Make all other contracts and execute all other instruments, including, without limitation, licenses, long or short term leases, mortgages and deeds of trust and other agreements relating to property and facilities under its jurisdiction and the construction, operation, maintenance, repair and improvement thereof, as in the judgment of the board may be necessary, proper or advisable for the furtherance of the purposes of this chapter and the full exercise of the powers granted in this section; and

(C) Carry out and perform the covenants, terms, and conditions of all such contracts or instruments;

(6) Establish schedules of tolls, fees, rates, charges and rentals for the use of the facilities under its jurisdiction and for services that it may render;

(7) Enter upon any lands, waters and premises for the purpose of making surveys, soundings and examination in connection with the acquisition, improvement, operation or maintenance of any of the facilities provided for in this chapter;

(8) Promulgate and enforce such rules and regulations as the board may deem proper for the orderly administration of the port authority and the efficient operation of its facilities;

(9) Exercise full and exclusive control of and responsibility for the administration of facilities constructed or acquired pursuant to this chapter. The board may lease or license lands or facilities under its jurisdiction for operation by private persons or corporations;

(10) Employ and fix the compensation of such architects, attorneys, engineers, superintendents, consultants, professional advisors and other subordinate officers and employees as may be necessary for the efficient management and operation of the port authority and the operation of the facilities provided for in this chapter and who shall continue in the employment of the authority at the will and pleasure of the board;

(11) Incorporate, operate in all respects and exercise all the powers granted to industrial development corporations under title 7, chapter 53 within the land under the jurisdiction of the port authority granted by this chapter as to any participating county that, by resolution, grants such powers to the port authority. Once any county grants such powers, the board of the port authority shall become the board of directors of the industrial development corporation, notwithstanding § 7-53-301 to the contrary;

(12) Use any property, right-of-way, easement or other similar property right necessary or convenient in connection with the acquisition, improvement, operation or maintenance of the facilities authorized in this chapter, held by the state or any county or municipality in this state; provided, that such governmental agency shall consent to such use;

(13) Sell, transfer, lease or otherwise dispose of any or all of the personal property in the custody and control of the port authority. The commissioners may also, as the agent of Decatur, Hardin, Perry and Wayne counties, sell, transfer, lease or otherwise dispose of any real property in the custody and control of the port authority, except that any land that has been acquired through condemnation proceedings may be sold, transferred, leased or otherwise disposed of only with the approval of the county legislative body of the county containing such property; and any vote as to such approval shall be taken at a meeting duly and regularly called for the purpose of considering the question of the disposition of such property; and

(14) Do all acts and things necessary or deemed necessary or convenient to carry out the powers expressly given in this chapter.