1. Prepare a regional transit plan for all or a portion of the areas located within the boundaries of each member locality. The regional transit plan may include all or portions of those areas within the City of Charlottesville and the County of Albemarle, shall include transit improvements of regional significance and those improvements necessary or incidental thereto, and shall be revised and amended;

2. When a transit plan is adopted according to subdivision 1, construct or acquire, by purchase, lease, contract, or otherwise, the transit facilities specified in such transit plan;

3. Make, assume, and enter into all contracts, agreements, arrangements, and leases with public or private entities as the Authority may determine are necessary or incidental to the operation of its facilities or to the execution of the powers granted by this chapter or may operate such facilities itself;

4. Enter into contracts or agreements with the counties and cities embraced by the Authority, with other transit commissions of transportation districts adjoining any county or city embraced by the Authority, with any transportation authority, or with any federal, state, local, or private entity to provide, or cause to be provided, transit facilities and services to the area embraced by the Authority. Such contracts or agreements, together with any agreements or leases for the operation of such facilities, may be used by the Authority to finance the construction and operation of transit facilities, and such contracts, agreements, or leases shall inure to the benefit of any creditor of the Authority;

5. Notwithstanding any other provision of law to the contrary:

a. Acquire land or any interest therein by purchase, lease, or gift and provide transit facilities thereon for use in connection with any transit service; and

b. Prepare a plan for mass transit services with persons, counties, cities, agencies, authorities, or transportation commissions and contract with any such person or other entity to provide necessary facilities, equipment, operations and maintenance, access, and insurance pursuant to such plan;

6. Adopt, amend, or repeal bylaws, rules, and regulations not inconsistent with this chapter or the general laws of the Commonwealth for the regulation of its affairs and the conduct of its business and carry into effect its powers and purposes;

7. Adopt an official seal and alter it;

8. Maintain an office at such place or places as it designates;

9. Sue and be sued;

10. Determine and set fees, rates, and charges for transit services;

11. Establish retirement, group life insurance, and group accident and sickness insurance plans or systems for its employees in the same manner as localities are permitted under §§ 51.1-801 and 51.1-802;

12. Provide by resolution for the issuance of revenue bonds of the Authority for the purpose of paying the whole or any part of the cost of operating any transit system. Revenue bonds issued under the provisions of this chapter shall not constitute a pledge of the faith and credit of the Commonwealth or of any political subdivision. All bonds shall contain a statement on their face substantially to the effect that neither the faith and credit of the Commonwealth nor the faith and credit of any political subdivision are pledged to the payment of the principal of or the interest on the bonds. The issuance of revenue bonds under the provisions of this chapter shall neither directly nor indirectly nor contingently obligate the Commonwealth or any political subdivision to levy any taxes or to make any appropriation for their payment except from the funds pledged under the provisions of this chapter;

13. Appoint, employ, or engage such officers, employees, architects, engineers, attorneys, accountants, financial advisors, investment bankers, and other advisors, consultants, and agents as may be necessary or appropriate and pay compensation and fix their duties; and

14. Contract with any participating political subdivision for such subdivision to provide legal services; engineering services; depository and accounting services, including an annual independent audit; and procurement of goods and services and act as fiscal agent for the Authority.