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PUBLIC LAW 89-599-SEPT. 21, 1966 "ARTICLE
[80 STAT.
IV.
"Nothing contained in this compact shall impair the powers of any county, municipality or other political subdivision to acquire, own, operate, develop or improve any facility which the Authority is given the right and power to own, operate, develop or improve. "Nothing herein shall impair or invalidate in any way bonded indebtedness of either State or of any county, city, village, township or other political subdivision, nor impair the provisions of law regulating the payment into sinking funds of revenues derived from municipal property or dedicating the revenues derived from any municipal property to a specific purpose. "IJnless and until otherwise provided, the Authority shall make an annual report to the Governor of each State, setting forth in detail the operations and transactions conducted by it pursuant to this compact and any legislation thereunder. "ARTICLE
V.
"The Authority shall consist of ten Commissioners, five of whom shall be resident voters of the State of Missouri and five of whom shall be resident voters of the State of Kansas. All Commissioners shall reside within the District, the Missouri members to be chosen by the State of Missouri and the Kansas members by the State of Kansas, in the manner and for the terms fixed by the Legislature of each State except as herein provided. "ARTICLE
VI.
"The Authority shall elect from its number a chairman, a vicechairman, and may appoint such officers and employees as it may require for the performance of its duties, and shall fix and determine their qualifications and duties. "Until otherwise determined by the Legislature of the two States, no action of the Authority shall be binding unless taken at a meeting at which at least three members from each State are present, and unless a majority of the members from each State, present at such meeting, shall vote in favor thereof. "The two States shall provide penalties for violations of any order, rule or regulation of the Authority, and for the manner of enforcing same. "ARTICLE
VII.
"The Authority is authorized and directed to proceed to carry out its duties, functions and powers in accordance with the articles of this compact as rapidly as may be economically practicable and is vested with all necessary and appropriate powers not inconsistent with the Constitution or the Laws of the United States or of either State, to effectuate the same, except the power to levy taxes or assessments. " I N WITNESS THEREOF, we have hereunder set our hands and seals under authority vested in us by law this twenty-eighth day of December, 1965. "(Signed). "In the Presence of: "(Signed)." SEC. 2. (a) Any obligations issued and outstanding including the income derived therefrom, under the terms of the compact consented to in this Act, and any amendments thereto, shall be subject to the tax laws of the United States.
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