Contracts with federal government

(1) In addition to the powers conferred upon the authority by section 31-25-907, the authority, with regard to its relations with the federal government, is empowered: (a) To borrow money from the federal government to finance any project and to borrow from private sources when such borrowing is guaranteed by the federal government; (b) To take over any land offered by the federal government for the construction of a project; and (c) To take over, lease, or manage any project so constructed or owned by the federal government and, to that end, to enter into any such contracts, leases, or other agreements as the federal government may require in such connection; except that such takeover shall not interfere with the normal use of any real property, or other property appurtenant thereto, which is devoted or dedicated to a public utility use. (2) Such contract, lease, or other agreements may provide that the federal government has the right to supervise and approve the construction, maintenance, and operation of such project. (3) It is the purpose and intent of this section to authorize such authority to accept the cooperation of the federal government in the construction, maintenance, and operation and in the financing of the construction of any project which the authority is empowered to undertake. Such authority has the full power to do all things necessary in order to secure such aid, assistance, and cooperation.