(a) This section creates an alternative method of establishing and governing an authority instead of §§ 64-6-104 and 64-6-105(a).

(b)

(1) If the commissioner of economic and community development finds and determines that it is wise, expedient, necessary or advisable that the authority be formed and approves the form of certificate of incorporation proposed to be used in organizing the authority, then the commissioner shall act as incorporator or designate a person as incorporator to execute, acknowledge and file a certificate of incorporation for the authority, which certificate shall set forth:

(A) The name of the authority;

(B) The number of voting directors;

(C) The name and residence of the incorporator;

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

(E) The purpose for which the authority is created;

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

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

(2) When executed and acknowledged by the incorporator, 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. Within thirty (30) days of filing the certificate with the secretary of state, the incorporator shall adopt temporary bylaws.

(c)

(1) The authority formed pursuant to this section shall be governed by a board of directors in which all powers of the corporation shall be vested. The membership of the board shall include the following:

(A) The county mayor or a designee of the county mayor of the county in which the megasite is located or, if it is located in more than one (1) county, the county in which the megasite is predominately located;

(B) The mayor or the designee of the mayor in the incorporated municipality with the largest population in a county in which the megasite is located or, if it is located in more than one (1) county, the county in which the megasite is predominately located;

(C) The two (2) speakers of the respective houses acting jointly after consultation with the members whose districts lie within the participating counties shall appoint two (2) members;

(D) The governor shall appoint two (2) at-large members and three (3) additional members representing and residing in counties contiguous to the county in which the megasite is located. At the time of initial appointment, the three (3) additional members shall be selected from counties not otherwise represented on the board. Notwithstanding any provision of this part to the contrary, the three (3) additional members shall serve without reimbursement for their actual travel expenses;

(E) The chancellor of the board of regents shall appoint one (1) member from the presidents of the community colleges that have a campus within a county in which the megasite is wholly or partially located or within a county contiguous thereto; and

(F) The executive director of the development district in which the megasite is located.

(2) For the purposes of calculating terms, members serving on a board as of January 1, 2013, shall serve until December 31, 2014, at which time their terms shall expire. At the conclusion of such terms:

(A) Each regular term of the board members appointed jointly by the speakers beginning January 1, 2015, shall be two (2) years, to be coterminous with the terms of office of the speakers;

(B) Each regular term of the board members appointed by the governor beginning January 1, 2015, shall be four (4) years, to be coterminous with the term of office of the governor; and

(C) Each regular term of all other board members appointed in accordance with this subsection (c) beginning January 1, 2015, shall be for three (3) years.

(3) Board members shall serve until their successors are appointed. If a vacancy occurs on the board, the remainder of the term shall be filled by the respective appointing authorities in accordance with this subsection (c).

(4) Any board created pursuant to this subsection (c) shall cease to exist upon the completion of the sale of a megasite governed by such board.

(d) For purposes of authorities established and governed under this section, “participating municipality” means each incorporated municipality or county in which the megasite is wholly or partially located.