(a) Any city or metropolitan government having a population of not less than one hundred thousand (100,000), or any county including any such city, may create a metropolitan airport authority in the manner provided in this section.

(b)

(1) The governing body of the creating municipality shall adopt, and its executive officer shall approve, a resolution calling a public hearing on the question of creating an authority.

(2) Notice of the date, hour, place and purpose of the hearing shall be published at least once each week for two (2) consecutive weeks in a newspaper of general circulation in the creating municipality, the last such publication to be at least one (1) week prior to the date set for the hearing.

(3) The hearing shall be had before the governing body and all interested persons shall have an opportunity to be heard.

(c)

(1) After the hearing, if the governing body determines that the public convenience and necessity require the creation of an authority, it shall adopt, and its executive officer shall approve, a resolution so declaring and creating an authority, which resolution shall also designate the name and principal office address of the authority.

(2) A certified copy of the resolution shall be filed with the secretary of state and with the department of transportation, together with the resolution approving the appointment of the board as provided in § 42-4-105, and, upon adoption and filing, the authority shall constitute a body politic and corporate, with all the powers provided in this chapter.

(3) A certified copy of the resolution shall also be filed with the administrator of the federal aviation administration.

(d)

(1) Whenever an authority is created under this chapter, the creating municipality and any participating municipality shall enter into an agreement with the authority for the orderly transfer to the authority of the airport properties, functions, and outstanding obligations of the municipalities.

(2) The agreement may include provisions for the reimbursement to any such municipality for its obligations issued for airport purposes, and the agreement may also include provisions for the payment of tax equivalents by the authority and its lessees on all or any part of the properties owned by the authority and any improvements owned by the authority or its lessees to the principal and/or participating municipalities.