1. In a county whose population is 700,000 or more, any two or more authorities may form a regional authority. 2. To form a regional authority as described in subsection 1, the governing body of the county and the governing body of each city and town located within the county that desires to participate in the regional authority shall adopt a resolution setting forth: (a) The intent to regionalize some or all of their powers; (b) A reference to the development of a plan for transitioning to a regional authority; (c) The geographic scope of the regional authority; and (d) Such other matters as the governing bodies determine to be necessary or advisable. 3. If the formation of a regional authority pursuant to this section involves fiscal matters, the ownership of real property or the consolidation of functions, the governing bodies who form the regional authority shall, in consultation with the United States Department of Housing and Urban Development, resolve such matters by written contract, agreement or other arrangement entered into by those governing bodies.
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