(a) The City of Red Bay and Franklin County may join with political subdivisions of the State of Mississippi to organize a regional airport authority to be located in the State of Alabama or in the State of Mississippi.
The regional airport authority shall be incorporated according to the laws of the State of Alabama relative to the incorporation of airport authorities and shall have the same powers and authority of airport authorities organized under the general laws of the State of Alabama. The incorporation procedure shall be commenced by at least three natural persons, two of whom shall be residents of the City of Red Bay, and the other or others may be residents of the political subdivisions of the State of Mississippi. The incorporators shall be qualified electors of the political subdivision which they represent.
The regional airport authority shall be governed by a board of directors as provided in the certificate of incorporation or the bylaws. The governing body of each participating political subdivision shall appoint one member to the board of directors.
The regional airport authority may issue and sell its interest-bearing revenue bonds for its corporate purposes. The principal of and the interest on all bonds shall be payable solely from, and may be secured by a pledge of the revenues derived by the regional authority from the operation of any or all of its airports, facilities, and other property. The bonds issued or contracts entered into by the authority shall not constitute or create an obligation or debt of this state or of any county, city, or town within this state, or a charge against the credit or taxing powers of this state or of any county, city, or town within this state.
(b) This amendment shall not become effective unless approved at a referendum by a majority of the qualified electors of Franklin County voting on the proposition. The referendum shall be held at the same time as the election for the ratification of this amendment, as provided for in Section 2 of this act, and no further election shall be required.