1. A municipality in North Dakota, by joint resolution with one or more municipalities in North Dakota or an adjoining state , may create a regional airport authority which may exercise its functions upon the issuance by the secretary of state of a certificate of incorporation. Under the joint resolution, the governing bodies of the municipalities participating in the creation of a regional airport authority shall appoint at least five commissioners of the regional airport authority. The number to be appointed and their representation must be provided for in the joint resolution. The commissioners who are first appointed must be designated to serve terms of one, two, three, four, or five years with at least one commissioner's term expiring each year. Each regional airport authority shall organize, elect officers, and adopt procedural rules consistent with section 2-06-06. 2. A regional airport authority may be expanded to serve one or more additional municipalities if the governing body of each additional municipality, the governing body of each of the municipalities included in the regional authority , and the commissioners of the regional authority each adopt a resolution consenting to the expansion. If a municipal airport authority exists for any municipality seeking to be included in a regional authority, the commissioners of that municipal authority must consent to the inclusion of the municipality in the regional authority . If the municipal authority has any bonds outstanding, one hundred percent of the bondholders must provide written consent to the inclusion of the municipality in the regional authority. Upon the inclusion of any municipality in the regional authority, all rights, contracts, obligations, and property, real and personal, of the municipal authority must be in the name of and vest in the regional authority. 3. The area encompassed in a regional airport authority may be decreased if each of the municipalities included in the regional authority and the commissioners of the regional authority consent to the decrease and make provisions for the retention or disposition of its assets and liabilities . If the regional authority has any bonds outstanding , no decrease may be effected unless one hundred percent of the bondholders provide written consent to the decrease. 4. A municipality may not adopt any resolution authorized by this section without a public hearing on the resolution. Ten days prior notice of the hearing must be published in a newspaper published in the municipality or , if there is no newspaper published in the municipality, in a newspaper having general circulation in the municipality. 5. The term of a commissioner of a regional airport authority is five years, except that a vacancy in an unexpired term must be filled for the remainder of the term. 6. After payment of all debts, a regional airport authority may be dissolved by a joint resolution of the governing bodies of the participating municipalities. Before dissolution, the property of the regional airport authority must be sold, transferred, or distributed as agreed by the participating municipalities. Any remaining funds of the regional airport authority must be distributed to the general funds of the participating municipalities in proportion to their support of the regional airport authority.
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