Contents of agreement creating authority

The agreement authorized in § 49-17A-2 shall state: (1) That the railroad authority is created and incorporated under the provisions of this chapter as a political subdivision of this state, to exercise thereunder a part of the sovereign power of the state; (2) The name of the authority which shall include the words "regional railroad authority"; (3) The names of the subdivisions which have approved the agreement and are the initial members of the regional railroad authority; (4) The names and addresses of the persons initially appointed by the resolutions approving the agreement to act as the representatives or alternate representatives of the subdivisions; (5) The address of the registered office of the authority and the name of its registered agent at such office; (6) That the subdivisions which are members of the regional railroad authority and its commissioners, officers, and agents are not liable for its obligations; (7) Any other provision for regulating the business of the regional railroad authority which may be agreed upon by the subdivisions. Source: SL 1978, ch 344 , § 3.