The authority may do any of the following:
(a) Acquire, own, operate, and lease real and personal property directly related to the operation and maintenance of railroads.
(b) Acquire property by purchase, lease, or gift.
(c) Operate railroads.
(d) Accept grants or loans from state or federal agencies.
(e) Select a franchisee, which may be a public or private entity, to acquire or operate a rail transportation system within the area of the authority’s jurisdiction.