The Commission prepares the transportation plan for the transportation district and revises and amends the plan in accordance with the planning process and procedures specified in Article 7 (§ 33.2-1928 et seq.). The Commission may, when a transportation plan is adopted according to such article, construct or acquire, by purchase or lease, the transportation facilities specified in such transportation plan. The Commission may enter into agreements or leases with private companies for the operation of its facilities or may operate such facilities itself. The Commission may enter into contracts or agreements with the counties and cities within the transportation district, with counties and cities that adjoin the transportation district and are within the same planning district, or with other commissions of adjoining transportation districts to provide, or cause to be provided, transit facilities and service to such counties and cities or to provide transit facilities and other modes of transportation between adjoining transportation districts. Such contracts or agreements, together with any agreements or leases for the operation of such facilities, may be utilized by the transportation district to finance the construction and operation of transportation facilities, and such contracts, agreements, or leases inure to the benefit of any creditor of the transportation district.