Capacity to sue and be sued; budgets; bylaws and rules; plans for transportation; insurance against loss; perpetual succession

1. A commission may: (a) Sue and be sued. (b) Prepare and approve budgets for the regional street and highway fund, the public transit fund and money it receives from any source. (c) Adopt bylaws for the administration of its affairs and rules for the administration and operation of facilities under its control. (d) Conduct studies, develop plans and conduct public hearings to establish and approve short-range and regional plans for transportation. (e) Purchase insurance or establish a reserve or fund for self-insurance, or adopt any combination of these, to insure against loss by reason of: (1) Damages resulting from fire, theft, accident or other casualty; or (2) The commission’s liability for other damages to persons or property which occur in the construction or operation of facilities or equipment under its control or in the conduct of its activities. 2. A commission shall have a perpetual succession, subject to termination in accordance with statute.