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HB 1986 would give certain counties the ability to create regional transit authorities, and the procedures for the creation and management of these authorities are established. This bill would grant these authorities powers to: take legal actions; leverage funds with a municipality to finance projects; acquire licenses, patents, rights, and other interests; issue bonds and charge fees; employ or contract individuals to serve as fare enforcement officers; implement and operate a public transportation system in the territory; and exercise the power of eminent domain. The bonds must be submitted to the attorney general for examination before the bonds are delivered. The property, revenue, and income of an authority are exempt from state and local taxes.