The board shall have power, for and in behalf of the institution, to:
1. Acquire any project or projects and own, operate and maintain the same.
2. Accept grants or loans of monies from a federal agency.
3. Borrow monies and issue bonds and provide for the payment of the same and for the rights of the holders thereof.
4. Perform all acts and do all things necessary or convenient to carry out the powers granted by this article.