Section 123.1271 - Authority as public municipal corporation and public body corporate; powers; maintenance of books and records; implementation of best value supply chain and procurement practice(1) An authority is a public municipal corporation. The authority is a public body corporate with the power to sue and be sued in any court of this state. The authority possesses all the powers necessary to carry out the purposes of its incorporation. The enumeration of any powers in this act shall not be construed as a limitation on an authority's general powers.(2) An authority may do any of the following: (a) Adopt bylaws for the regulation of the authority's affairs and the conducting of its business.(b) Adopt an official seal and alter the seal at its pleasure.(c) Maintain an office at a place or places within this state as it may designate.(d) Sue and be sued in its own name, plead, and be impleaded.(e) Determine the location of any project constructed by it under this act and determine, in its discretion and without reference to any other provisions of this act or any other law, the design, standards, and the materials of construction, and construct, maintain, repair, and operate the project.(f) Issue bonds of the authority for any of its corporate purposes under those means as provided in this act.(g) Adopt and promulgate rules and regulations for the use of any project operated or constructed by it under the provisions of this act.(h) Acquire, hold, lease, and dispose of real and personal property in the exercise of its powers and the performance of its duties under this act.(i) Engage engineering, legal, and other professional services as considered necessary to effectuate the purposes of the authority.(3) The authority shall maintain its books and records and its funds on an enterprise fund basis. An authority shall not pay any net proceeds or profits to its local government, but may pay the local government for services provided.(4) Following the appointment of the authority board, the board shall implement a best value supply chain and procurement practice and shall annually report to the governing body of the local government.Added by 2012, Act 392,s 6, eff. 12/19/2012.