A. A municipality and county that form a district shall create an authority to govern the district that consists of an odd number of members, but not fewer than five or more than nine in number.

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B. The terms of the members shall be reasonably staggered. Of the members initially appointed, that number of members closest to, but not more than, one-half of the membership shall serve for two years. The term of all other members shall be four years.

C. A member shall not serve more than two consecutive four-year terms on the authority. A member who has served two consecutive four-year terms on the authority shall not serve another term until after four years following the second term have elapsed.

D. The authority may authorize a county that borders the county that created the district or a municipality or an Indian nation, tribe or pueblo in a county that borders the county that created the district to become part of the authority. The municipality and county that created the district and any subsequently accepted entities, as set forth in this subsection, may change the membership of the authority, up to the maximum allowed by Subsection A of this section, and change the terms of the members to allow the newly accepted entity to appoint one or more members to the authority.

E. An elected official shall not serve on the authority. A member of the authority shall not receive a salary or other compensation from the authority, but the authority may reimburse any reasonable expenses incurred by a member in conducting the business of the authority.

F. Before appointing a person to the authority, an appointing entity shall first determine that the person:

(1)     has experience in the field of aviation, business, economic development, finance, commercial real estate investment or accounting; or

(2)     possesses other qualifications that the entity determines are necessary or appropriate for carrying out the duties of the authority; and

(3)     has no direct substantial conflict of interest in the business or operation of the authority.

G. An authority member shall abstain from an authority vote if the matter voted on poses a conflict of interest for the member. A member or employee of the authority shall not:

(1)     acquire a financial interest in a new or existing business venture or business property if the member or employee believes or has reason to believe that the financial interest will be directly affected by an official act conducted in that membership or employment capacity;

(2)     use confidential information acquired by virtue of membership on or employment by the authority for the member’s or employee’s or another person’s private gain; or

(3)     as a person with a financial or other interest in a business that is party to a contract, enter into a contract with the authority without there being public notice of the contract, a competitive bidding process for entry into the contract and full disclosure of that financial or other interest.

H. The governing body that appoints a member to an authority may remove the member if it determines that the member:

(1)     willfully neglected or refused to perform an official duty;

(2)     has violated the policies or procedures adopted by the authority; or

(3)     has developed a direct, substantial conflict of interest in the business of the authority.