A. The legislature finds that in instances of public need and necessity, bridge and ferry authorities should be created and authorized to borrow money, make and issue negotiable notes, bonds, refund bonds, and incur other indebtednesses or obligations, and to enter into contracts, leases, or other transactions with any federal agency or state agency, pledge and assign their rights under any contracts, leases, or other transactions to secure the payment of bonds or other obligations incurred.
B. No bridge or ferry authority shall be created under the provisions of this Part without prior approval thereof by adoption or enactment of a legislative instrument by the legislature.