In addition to other powers herein granted, the Authority shall have the following duties and responsibilities:
1. General oversight of Williamsburg area programs involving mass transit or congestion mitigation;
2. Long-range transit planning in the Williamsburg area, both financially constrained and financially unconstrained;
3. Recommending to state, regional, and federal agencies regional transit priorities, including public-private transit projects and funding allocations;
4. Allocating to priority regional transit projects any funds made available to the Authority and, at the discretion of the Authority, directly overseeing such projects;
5. Recommending to the Commonwealth Transportation Board priority regional transit projects for receipt of federal and state funds;
6. Serving as an advocate for the transit needs of the Williamsburg area before the state and federal governments;
7. Applying to and negotiating with the government of the United States, the Commonwealth, or any agency or instrumentality thereof, for grants and any other funds available to carry out the purposes of this chapter and receiving, holding, accepting, and administering from any source gifts, bequests, grants, aid, or contributions of money, property, labor, or other things of value to be held, used, and applied to carry out the purposes of this chapter subject, however, to any conditions upon which gifts, bequests, grants, aid, or contributions are made. Unless otherwise restricted by the terms of the gift, bequest, or grant, the Authority may sell, exchange, or otherwise dispose of such money, securities, or other property given or bequeathed to it in furtherance of its purposes.