(1) There is established in Decatur, Hardin, Perry and Wayne counties a port authority to be known as the “Tennessee River four-county port authority.”
(2) The port authority shall be established for the purposes of: Acquiring, constructing, operating and maintaining ports and navigation terminals on the Tennessee River, including docks, wharves, piers, loading and unloading machinery, scales, transportation equipment, harbor and riverfront improvements, storage and transfer facilities, elevators and all other advisable appurtenant port and terminal facilities;
(3) Acquiring, holding, improving and disposing of lands in the vicinity of such ports and terminals that are suitable for the various purposes set forth in this section and for use by manufacturing, processing or fabricating plants or other industries that require access to the waters of the Tennessee River in their operations; and
(4) Acquiring, constructing, operating and maintaining railroads, switchyards, concentration yards, recreation and water sports facilities, roads and bridges, and communication, electric power, gas, water and all other utility facilities, including the aforementioned industrial sites, and to provide that the same shall be under the jurisdiction, control and management of the port authority as provided in this chapter.