(a) Under Municipal Operation. In operating an airport or air navigation facility owned, leased, or controlled by a municipality, the municipality, except as may be limited by the terms and conditions of any grant, loan, or agreement pursuant to § 14-361-117, may enter into contracts, leases, and other arrangements with any persons:
(1) Granting the privilege of using or improving the airport or air navigation facility, or any portion or facility thereof, or space therein for commercial purposes;
(2) Conferring the privilege of supplying goods, commodities, things, services, or facilities at that airport or air navigation facility; or
(3)
(A) Making available services to be furnished by the municipality or its agents at that airport or navigation facility.
(B) In each case, the municipality may establish the terms and conditions and fix the charges, rentals, or fees for the privileges or services, which shall be reasonable and uniform for the same class of privilege or service and shall be established with due regard to the property and improvements used and the expenses of operation to the municipality.
(b) Under Other Operation. Except as may be limited by the terms and conditions of any grant, loan, or agreement pursuant to § 14-361-117, a municipality, by contract, lease, or other arrangement, upon a consideration fixed by it, may grant to any qualified person, for a term not to exceed forty (40) years, the privilege of operating as agent of the municipality, or otherwise, any airport owned or controlled by the municipality. No person shall be granted any authority to operate the airport other than a public airport or to enter into any contracts, leases, or other agreements in connection with the operation of the airport which the municipality might not have undertaken under subsection (a) of this section.