The office shall administer the fund. In administering the fund and this chapter, the office has the powers necessary to carry out the purposes of this chapter, including the power to:
(1) make, execute, and deliver contracts, conveyances, and other instruments;
(2) impose and collect fees and charges in connection with any transaction and provide for reasonable penalties for delinquent payments or performance; and
(3) issue bonds for economic development projects as that term is defined by § 501.101, Local Government Code, or § 505.151, 505.152, 505.153, 505.154, 505.155, or 505.156, Local Government Code.