(a) Any two (2) or more public agencies may enter into agreements with each other for joint action pursuant to the provisions of this chapter, and any two (2) or more municipalities are specially authorized to make such agreement or agreements as they may deem necessary for the joint acquisition and operation of airports and air navigation facilities.
(b)
(1) Concurrent action by ordinance, resolution, or otherwise of the governing bodies of the participating public agencies shall constitute joint action.
(2) Each such agreement shall specify:
(A) Its duration;
(B) The proportionate interest which each public agency shall have in the property;
(C) Facilities and privileges involved;
(D) The proportion to be borne by each public agency of preliminary costs and costs of acquisition, establishment, construction, enlargement, improvement, and equipment of the airport or air navigation facility;
(E) The proportion of the expenses of maintenance, operation, regulation, and protection thereof to be borne by each; and
(F) Such other terms as are required by the provisions of this section.
(3) The agreement may also provide for:
(A) Amendments thereof, and conditions and methods of termination of the agreement;
(B) The disposal of all or any of the property, facilities, and privileges jointly owned, prior to or upon the property, facilities, and privileges, or any part thereof, ceasing to be used for the purposes provided in this chapter, or upon termination of the agreement;
(C) The distribution of the proceeds received upon any such disposal, and of any funds or other property jointly owned and undisposed of;
(D) The assumption or payment of any indebtedness arising from the joint venture which remains unpaid upon the disposal of all assets or upon a termination of the agreement; and
(E) Such other provisions as may be necessary or convenient.