The Legislature may provide by local law, from time to time, for the consolidation of the power and authority granted to Lawrence County pursuant to Section 40–4.00, or to any public authority or corporation created by Lawrence County pursuant to Section 40–4.00 into the Industrial Development Board of Lawrence County George C. Wallace Airpark Authority, which shall have all of the power and authority and assume all of the obligations of Lawrence County pursuant to Section 40–4.00, or any public authority or corporation created by Lawrence County pursuant to Section 40–4.00. The Legislature may in addition provide by local law for the organization and membership of the board of directors of the public authority or corporation. Any taxes currently levied pursuant to Section 40–4.00 shall remain in full force and effect. Any action currently required to be approved by a vote of electors shall be approved by a vote of the electors of the county.