The commission shall have the following powers and duties:
1. To construct, reconstruct, alter, improve, and expand (i) any public mass transit system in the district or (ii) any primary highway located within the district having no more than two through travel lanes as of January 1, 1987, which is located in both counties that comprise the district and which was not financed under the authority provided by the Commonwealth of Virginia Transportation Facilities Bond Act of 1979.
2. To acquire by gift, purchase, lease, in-kind contribution to construction costs, or otherwise any public mass transit system or primary highway transportation improvements in the district and to sell, lease as lessor, transfer, or dispose of any part of any transportation improvements in such manner and upon such terms as the commission may determine to be in the best interests of the district. However, prior to disposing of any such property or interest therein, the commission shall conduct a public hearing regarding such disposition. At the hearing, the residents and owners of property within the district shall have an opportunity to be heard. At least 10 days’ notice of the time and place of such hearing shall be published in a newspaper of general circulation in the district, as prescribed by the commission. Such public hearing may be adjourned from time to time.
3. To negotiate and contract with any person, authority, or state or federal agency or instrumentality with regard to any matter necessary and proper to provide any public mass transit system or primary highway transportation facility, including the financing, acquisition, construction, reconstruction, alteration, improvement, expansion, or maintenance of any transportation improvements in the district. No such contract shall extend for a period that exceeds 30 years.
4. To enter into a continuing service contract for a purpose authorized by this chapter and to make payments of the proceeds received from the special taxes levied pursuant to § 15.2-4607, together with any other revenues, for the payment of installments due under that service contract. The district may apply such payments annually during the term of that service contract in an amount sufficient to make the installment payments due under the contract, subject to the limitation imposed by § 15.2-4607. However, payments for any such service contract shall be conditioned upon the receipt of services pursuant to the contract. Such a contract may not obligate a county to make payments for services of the district.
5. To accept the allocations, contributions, or funds of, or to reimburse from, any available source, including any person, authority, or state or federal agency or instrumentality, for either the whole or any part of the costs, expenses, and charges incident to the acquisition, construction, reconstruction, maintenance, alteration, improvement, and expansion of any transportation improvements in the district.
6. To contract for the extension and use of any public mass transit system or primary highway into territory outside of the local district on such terms and conditions as the commission determines.
7. To employ and fix the compensation of personnel who may be deemed necessary for the construction, operation, or maintenance of any public mass transit system or primary highway in the district.
8. To have prepared an annual audit of the district’s financial obligations and revenues and, upon review of such audit, to request a tax rate adequate to provide tax revenues that, together with all other revenues, are required by the district to fulfill its annual obligations.
9. To invest any funds received pursuant to § 15.2-4608 that are not otherwise obligated to make payments to the Commonwealth Transportation Board or to any other purpose, in accordance with the Investment of Public Funds Act (§ 2.2-4500 et seq.).