(1) A city transportation authority to perform a public monorail transportation function may be created in every city with a population greater than three hundred thousand to perform a public monorail transportation function. The authority shall embrace all the territory in the authority area. A city transportation authority is a municipal corporation, an independent taxing "authority" within the meaning of Article 7, section 1 of the state Constitution, and a "taxing district" within the meaning of Article 7, section 2 of the state Constitution.
(2) Any city transportation authority and proposed taxes established pursuant to this chapter, either by ordinance or petition as provided in this chapter, must be approved by a majority vote of the electors residing within the proposed authority area voting at a regular or special election.