1.    A governing body of a municipality, by resolution, may create a municipal airport authority or choose to exercise the powers provided to a municipal airport authority under this chapter.

2.    Upon the adoption of a resolution creating a municipal airport authority, the governing body of the municipality shall appoint five commissioners of the authority. The commissioners who are first appointed must be designated to serve for terms of one,    two, three, four, and five years, respectively, but thereafter, each commissioner must be appointed for a term of five years, except that vacancies occurring other than by expiration of term must be filled for the unexpired term by the governing body.

3.    Upon the adoption of a resolution to exercise the powers provided to a municipal airport authority under this chapter, the members of the governing body of the municipality constitute the commissioners of the authority.

4.    After payment of all debts, a municipal airport authority may be dissolved by resolution of the governing body of the municipality. Before dissolution, the property of the airport authority must be transferred to the municipality or sold, and the net proceeds of sale deposited in the general fund of the municipality.