(a)

(1) Any compact entered into under the terms of this subchapter shall provide for the establishment of an inter-municipal, inter-county, or municipal-county commission which shall hold title as trustee for the use and benefit of the parties to the compact as their interests may appear to any property acquired or constructed with the proceeds of the bonds issued by the parties.

(2)

(A) The commission shall be made up of one (1) representative from each party to the compact, to be appointed by the mayor or county judge of the municipality or county which the appointee represents.

(B) In the case of a compact having an even number of parties, the appointed representatives of the parties to the compact shall select an additional person, who is agreeable to all parties to the compact, to serve on the commission.

(3) (A) The members of the commission:

(i) Shall serve for terms of three (3) years' duration;

(ii) Shall be eligible for reappointment; and

(iii) May be removed only for cause by the mayor or county judge of the municipality or county which they represent.

(B) In the event of a vacancy other than by expiration of term, the remaining members of the commission shall fill the vacancy by appointing a member to serve the unexpired portion of the term.

(b) (1) (A) Commissions created under the terms of this subchapter shall have the power to take all steps and to make and enter into all contracts and agreements necessary or incidental to the securing and developing of industry that is mutually beneficial to the parties to the compact.

(B)

(i) However, any contract or agreement relating to the issuance of bonds shall be approved by the municipal governing body or county court of each municipality or county which is a party to the compact before it shall be effective.

(ii) Any property acquired under the provisions of this subchapter shall not be sold unless and until the terms of the sale are approved by the municipal governing body or county court of each and every party to the compact.

(2) The commission may employ engineers, architects, inspectors, managers, attorneys, and such other employees as, in its judgment, may be necessary in the execution of its powers and duties and may fix their compensation.

(3) After the construction or acquisition of any lands, buildings, or facilities and subject to the limitations contained in this chapter, the commission shall have the authority to reconstruct, extend, equip, improve, operate, maintain, sell, lease, contract concerning, or otherwise deal in or dispose of the lands, buildings, or facilities.

(c) All expenses and liabilities incurred in carrying out the duties and powers of the commission may be paid from any available funds, including, without limitation, funds obtained from the issuance of bonds or from revenues derived from facilities constructed or acquired with the proceeds of the bonds.