In connection with any project, the State, acting by and through the Commission, except as herein otherwise provided, may:
1. Sue and be sued;
2. Acquire and hold real or personal property, or rights or interests therein, and water rights;
3. Dispose of unnecessary or obsolete property, or property obtained for persons or political subdivisions within the State, including without limitation water or water rights, or rights or interests in any such property;
4. Make contracts and execute all instruments necessary or convenient, as determined by the Commission;
5. Acquire by contract or contracts or by its own agents and employees or otherwise acquire any properties for any project or projects, and operate and maintain such properties; and
6. Accept grants of money or materials or property of any kind from the Federal Government, the State, any agency or political subdivision thereof, or any person, upon such terms and conditions as the Federal Government, the State or such agency or political subdivision or person may impose.