(2) A regional authority shall be formed in the following manner:
(a) The cities and counties proposing to form a regional authority shall adopt ordinances or resolutions specifying the name of the proposed regional authority and setting forth the participating cities and counties, the principal places of business and the boundaries of the proposed regional authority; and
(b) A certified copy of the ordinances or resolutions adopted by each city or county shall be filed with the Secretary of State and with the Director of the Department of Environmental Quality; and
(c) The Environmental Quality Commission shall order the regional authority formed if it finds that the participating governments plan adequate financing and the boundaries of the proposed region encompass territory reasonably included within a regional authority for purposes of air quality control.
(3) From and after the date of issuance of the order of the commission, the regional authority shall exercise its functions. [Formerly 449.855 and then 468.505]