A regional transit district may be created at any time by the act of the voters of each of two or more municipalities upon the written approval of the Agency of Transportation. Approval shall be based upon the results of studies carried out by the Agency of Transportation and by representatives of the municipalities to determine whether the municipalities involved constitute a reasonable transit district. Evidence shall be shown that funding will be adequate to provide a continuing transit program. (Added 1981, No. 195 (Adj. Sess.), § 1; amended 1995, No. 60, § 27, eff. April 25, 1995.)