(a) For the purposes of this chapter, for a county or an incorporated municipality to be a “participating municipality,” the county or incorporated municipality may, upon approval by a majority vote of its governing body, elect to participate in a regional megasite authority as set out in this chapter. In the event such an election is made, this chapter shall apply to all counties and incorporated municipalities making such an election; provided, that participation shall be limited to any county or incorporated municipality that:

(1) Includes all or part of a megasite within the county or incorporated municipality;

(2) Is a county that is contiguous to the county in which the megasite is wholly or partially located; or

(3) Is the incorporated municipality with the largest population that elects to become a participating municipality in the county in which the megasite is wholly or partially located or is the incorporated municipality with the largest population that elects to become a participating municipality in a county that is contiguous to the county in which the megasite is wholly or partially located.

(b) A participating municipality may sell, lease, give, provide or otherwise supply such personnel or services and may appropriate such funds to the authority as may be within its legal power to furnish.

(c) If the governing body of a county or an incorporated municipality, by appropriate resolution duly adopted, finds and determines that it is wise, expedient, necessary or advisable that the authority be formed, elects to participate and approves the form of certificate of incorporation proposed to be used in organizing the authority, then the governing body shall designate a person as an incorporator to assist with the execution, acknowledgement and filing of a certificate of incorporation for the authority.

(d) The certificate of incorporation shall set forth:

(1) The name of the authority;

(2) The participating municipalities and the dates of elections by the governing bodies;

(3) The number of voting directors;

(4) The names and residences of the designated incorporators;

(5) The location of the principal office of the corporation;

(6) The purposes for which the authority is organized;

(7) The period, if any, for the duration of the authority; and

(8) Any other matter deemed appropriate and consistent with this chapter and the laws of this state.

(e) When executed and acknowledged by the incorporators, the certificate shall be filed with the secretary of state and may be subsequently amended or the authority dissolved, all consistent with title 7, chapter 53.

(f) Within thirty (30) days of filing the certificate with the secretary of state, the incorporators shall meet in an organizational meeting, adopt temporary bylaws and notify appointing authorities of the organizational activities and set the meeting date by which members are to be appointed, which date shall provide sufficient time for those appointments.