The procedure prior to formation of a joint agency shall be as follows:

1. (a) The governing body of two or more municipalities may by resolution or ordinance determine that it is in the best interests of the respective municipalities and their electric customers in accomplishing the purposes of this chapter to create a joint agency for the purpose of undertaking the planning, financing, development, acquisition, purchase, construction, reconstruction, improvement, enlargement, ownership, operation and maintenance of a project or projects to supply electric power and energy for such municipalities' present and future needs as an alternative or supplemental method of obtaining the benefits and assuming the responsibilities of ownership in a project; provided, membership of municipalities in a joint agency shall consist only of municipalities located within the area generally served by the same electric supplier as of the date of issuance of a corporate certificate for such joint agency pursuant to Section 6-23-80. Such resolution or ordinance shall be approved by a majority of the members of the governing body of the municipality.

2. (b) In determining whether or not the creation of a joint agency for such purpose is in the best interests of the municipalities and their electric customers, the governing body shall take into consideration, but shall not be limited to, the following:

   1. (i) Whether or not a separate entity may be able to finance the costs of a project or projects in a more efficient and economical manner;
   2. (ii) Whether or not a better financial market acceptance may result if one entity is responsible for issuing all of the bonds required for a project or projects in a timely and orderly manner;
   3. (iii) Whether or not savings and other advantages may be obtained by providing a separate entity responsible for the acquisition, purchase, construction, ownership and operation of a project or projects;
3. (c) If the proposed creation of a joint agency is found to be in the best interests of a municipality, the governing body of such municipality shall cause notice of its action to be published once a week for two consecutive weeks in a newspaper of general circulation within such municipality. Any person affected by the action of the governing body of such municipality may, by action de novo, instituted in the Court of Common Pleas for the county in which such municipality is located, within twenty days following the last publication of the notice prescribed herein challenge the action of the municipality.