(a) Expenditures. The total expenditures to be made by the joint board for any purpose in any fiscal year shall be determined by a budget approved by the governing bodies of its constituent public agencies on or before thirty (30) days preceding the first day of the fiscal year.

(b) Acquisitions Beyond Sums Allotted. No airport, air navigation facility, airport hazard, avigation easement, or real or personal property, the cost of which is in excess of sums therefor fixed by the joint agreement or allotted in the annual budget, may be acquired by the joint board without the approval of the governing bodies of its constituent public agencies.

(c) Eminent Domain. Eminent domain proceedings under this part may be instituted only by authority of the governing bodies of the constituent public agencies, which authority may be by resolution or ordinance; provided, that the joint board may, without such consent, enter into the contract, lease or other arrangements contemplated by § 42-5-110.

(d) Disposal of Real Property. The joint board shall not dispose of any airport, air navigation facility, avigation easement, or real property under its jurisdiction except with the consent of the governing bodies of its constituent public agencies; provided, that the joint board may, without such consent, enter into the contract, lease or other arrangements contemplated by § 42-5-110.

(e) Police Regulations. Any resolutions, rules, regulations or orders of the joint board regarding the subjects authorized by § 42-5-113 shall become effective only upon approval of the governing bodies of the constituent public agencies; provided, that upon approval, the resolutions, rules, regulations or orders of the joint board shall have the same force and effect in the territories or jurisdictions involved as the ordinances, resolutions, regulations, rules or orders of each public agency would have in its own territory or jurisdiction.