Sec. 4. Specific powers and authority.
   The said airport authority shall constitute a body, both corporate and politic, and shall have the following powers and authority:
   (1)   To purchase, acquire, establish, construct, own, control, lease, equip, improve, maintain, operate and regulate airports or landing fields for the use of airplanes and other aircraft within the limits of the County of Dare and for any of such purposes to purchase, improve, own, hold, lease and/or operate real or personal property.
   (2)   To sue or be sued in the name of said airport authority, to acquire by purchase and to hold lands for the purpose of constructing, maintaining or operating any airport within the limits of said county, and to make such contracts and to hold such personal property as may be necessary for the exercise of the powers of the said airport authority. The said airport authority may acquire by purchase, or otherwise, any existing lease, leasehold right or other interest in any existing airport located in the County of Dare.
   (3)   To charge and collect reasonable and adequate fees and rents for the use of the airport property or for services rendered in the operation thereof.
   (4)   To make all reasonable rules and regulations as it deems necessary for the proper maintenance and operation of the said airport; to provide penalties for the violation of such rules and regulations; provided said rules and regulations and schedules of fees be not in conflict with the laws of the State of North Carolina, and the rules and regulations of the federal government.
      (a)   To adopt ordinances applying to lands or property owned by or administered by the Authority to the same extent that Dare County could adopt such ordinance if it owned or administered the lands or property.
   (5)   To issue bonds, notes, or other securities for the purpose of providing funds for the acquisition, construction, reconstruction, improvement, betterment, or extension of airport facilities of the airport authority, or for the acquisition of property for such facilities. The airport authority is hereby further authorized to issue revenue refunding bonds, notes, or other securities for the purpose of refunding any bonds, notes or other securities then outstanding which shall have been issued under the provisions of this act or the Revenue Bond Act of 1938, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of redemption of such bonds, notes or other securities, and, if deemed advisable by the board of directors of the airport authority, to provide for the issuance of its revenues refunding bonds, notes, or other securities for the combined purpose of refunding any bonds, notes, or other securities then outstanding which shall have been issued by the authority under the provisions of this act or the Revenue Bond Act and financing in whole or in part the reconstruction, improvement, betterment, or extension of the undertaking or facility for which the bonds, notes, or other securities to be refunded shall have been issued, or the acquisition, construction, reconstruction, improvement, betterment, or extension of any undertaking or facility combined or to be combined with the undertaking or facility for which the bonds, notes, or other securities to be refunded shall have been issued. The issuance of such bonds, notes, or other securities the maturities and other details thereof, and the rights, duties, and obligations of the airport authority in respect of the same shall be governed by the provisions of this act insofar as the same may be applicable. Such bonds, notes, or other securities shall be issued in such form and denomination, shall mature at such time or times not exceeding 50 years from their date or dates, may be made redeemable at such price or prices and under such terms and conditions, and shall bear interest at such rate or rates, payable annually or semiannually, as the board of directors may determine by resolution. The board of directors shall also determine by resolution the form and manner of execution of any such bonds, notes, or other securities, including any interest coupons attached thereto; provided, however, that at least one manual signature must appear on every bond, note, or other security which signature may be the manual signature of the representative of the local government commission to the certificate of the commission on such bond, note, or other security.
   No bonds, notes, or other securities issued by the airport authority under the provisions of this act shall be obligations of the County of Dare but no such bonds, notes, or other securities shall be issued without the approval of the board of commissioners for the County of Dare.
   The sale of any such bonds, notes, or other securities shall be made by and with the approval of the local government commission. The board of commissioners for the County of Dare shall not be required to approve any such sale.
   Upon the request of the board of directors, any such bonds, notes, or other securities may be sold by the local government commission in exchange for real property; provided, however, that the value of any such real property to be acquired by the airport authority shall have been either judicially determined or determined by at least two certified appraisals approved by the board of commissioners for the County of Dare prior to such exchange and that the exchange shall have been approved by the local government commission.
   Upon the filing with the local government commission of a resolution of the board of directors requesting that its bonds, notes, or securities issued pursuant to this act be sold at private sale and without advertisement and upon the approval of such request by said commission, such bonds, notes, or securities may be sold by said commission at private sale and without advertisement to any purchaser or purchasers thereof, such sale to be for such price as said commission shall determine to be for the best interest of the airport authority and as shall be approved by the board of directors.
   (6)   The airport authority is hereby authorized and empowered to pledge to the payment of the principal of and the interest on any bonds, notes, or other securities all or any part of the revenues, rents, income, and tolls arising out of the use of or in connection with any airport property or any specific part of the airport property. Such bonds, notes, or other securities shall be issued upon such terms, covenants, and conditions as the board of directors may determine by resolution.
   (7)   Bonds, notes, or other securities issued by the airport authority under this act shall be exempt from all state, county, or municipal taxes or assessments, direct or indirect, general or special. and the interest paid on such bonds, notes, or other securities shall not be subject to taxation as income.
   (8)   To sell or otherwise dispose of, any property, real or personal, belonging to the airport authority, but no sale of real property shall be made without the approval of the board of county commissioners of Dare County.
   (9)   To purchase such insurance as the airport authority shall deem necessary.
   (10)   To deposit or invest and reinvest any of its funds as provided by G.S. 159-28.1, a part of the Local Government Act, as it may be amended from time to time, for the deposit or investment of unit funds.
   (11)   To purchase any of its outstanding bonds or notes.
   (12)   To operate, own, lease, control, regulate, or grant to others the right to operate on any airport premises, restaurants, snack bars and vending machines, food and beverage dispensing outlets, rental car services, catering services, novelty shops, insurance sales, advertising media, merchandising outlets, motels, hotels, barbershops, automobile parking and storage facilities, automobile service stations, garage service facilities, motion picture shows, personal service establishments, and all other types of facilities as may be directly or indirectly related to the maintenance and furnishing to the public of a complete air terminal installation.
   (13)   To possess the same exemptions in respect to payment of taxes and license fees as provided for municipal corporations by the laws of the State of North Carolina.
(Sess. Laws 1971, ch. 503, § 4; Sess. Laws. 1979, ch. 892, § 1.)