A. The southern Arizona sports, tourism and film authority is established. The authority consists of the counties of Greenlee, Graham, Cochise, Santa Cruz, Pima and Pinal.

B. The authority is a corporate and political body, separate and independent of this state or the counties. Except as otherwise limited, modified or provided by this chapter, the authority has all of the rights, powers and immunities of municipal corporations except to acquire real property by eminent domain.

C. The board and the authority do not have the authority to levy or otherwise impose any tax or assessment. The qualified electors residing in the boundaries of the authority may levy a tax for the fiscal needs of the authority as provided by this chapter, but the board has no independent authority to impose a tax. Subject to that limitation, the authority is considered to be a tax levying public improvement authority for the purposes of article XIII, section 7, Constitution of Arizona.

D. The authority is regarded as performing a governmental function in carrying out the purposes of this chapter. The property acquired or constructed by the authority, the activities of the authority in maintaining and caring for the property and the monies derived by the authority from operating the property are exempt from state and local income and property taxation.