1. In a county whose population is 100,000 or more but less than 700,000, an authority 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 plan for transitioning any existing authority 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. Upon the adoption of a resolution pursuant to subsection 2 forming a regional authority, the dissolution of any individual authority of the local governments who form the regional authority must be initiated.
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