The governing authorities of any county or city of this state which has acquired or may hereafter acquire any combined railroad and highway bridge over the Mississippi River, as authorized by Sections 65-23-1 through 65-23-21 or Sections 65-25-1 through 65-25-41, and has issued its bridge revenue bonds for the purpose of financing the cost of such acquisition may, by appropriate resolution, create a commission of not less than five nor more than seven members to manage the affairs of said bridge, said appointees to be qualified electors of such governing body of high character, integrity, and business acumen.
The board of supervisors of such county or the governing authority of such city may, by such resolution, prescribe the tenure of office of such commissioners (but no appointment shall be for a term exceeding five years), may prescribe the duties, powers and rights of such commission and provide for the reasonable compensation, if any, of such commissioners. Said resolution shall not impair or enlarge nor the acts of said commissioners thereunder increase or diminish the obligations of said governing body under the trust indenture or resolution under which the revenue bonds of such body were issued; and the acts of such commissioners shall regularly, and not less than four times each year, be reported to such governing body and be subject to its approval and concurrence.