1.  The Authority may exercise all or any part or combination of the powers granted to local authorities in NRS 315.450, 315.460 and 315.470 in connection with contracts, property, investments and related matters.

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2.  The provisions of NRS 315.560 and 315.570 concerning powers of local authorities with respect to federal aid, housing in rural areas and related matters apply to the Authority in the same manner and to the same extent as they apply to local authorities.