One or more municipalities may provide by ordinance for the creation of an airport authority in the manner and for the purposes provided under this chapter. The authority shall be created by agreement adopted by ordinance between two or more municipalities, or by ordinance of a single municipality. An authority is a public instrumentality and public body corporate to be known as “................ Airport Authority”. An airport authority may exercise its jurisdiction, powers, and duties as set forth in this chapter. Provisions for the disposition of the authority’s rights and properties in the event of dissolution of the authority shall be set forth in the agreement or ordinance creating the authority.
89 Acts, ch 182, §2