The authority shall have the power, as necessary or convenient to carry out and effectuate the purposes and provisions of sections 348.005 to 348.180, to:

(1) Make contracts with the state or any governmental agency or political subdivision thereof, the federal government, public corporations or bodies, and private corporations or individuals in furtherance of the purposes of sections 348.005 to 348.180; and

(2) Make and execute contracts and all other instruments necessary or convenient for the exercise of its powers and functions under sections 348.005 to 348.180; and

(3) Receive and accept aid or contributions, from any source, of money, property, labor, or other things of value, to be held, used, and applied to carry out the purposes of sections 348.005 to 348.180, subject to such conditions upon which such grants and contributions may be made;

(4) Borrow money and issue bonds, notes, and other evidences of indebtedness thereof, as provided in sections 348.005 to 348.180;

(5) Include in any borrowing such amounts as may be deemed necessary by the authority to establish reserves and to pay financing charges, interest on the obligations for a period not exceeding three years from the date of issuance of such obligations, consultant, advisory, and legal fees, and such other expenses as are necessary or incidental to such borrowing;

(6) Procure, or agree to the procurement of, insurance or guarantees from the federal government for the payment of any bonds, notes, or any other evidences of indebtedness thereof issued by the authority, including the power to pay premiums on any such insurance;

(7) Purchase bonds or notes of the authority out of any funds or money of the authority available therefor, and to hold, cancel, or resell such bonds or notes.