(1) An authority may not acquire by any device or means,
including a consolidation, merger, purchase or lease or
through the purchase of stock, bonds or other securities,
title to or possession or use of all or a substantial portion
of any existing facilities constituting a project [as defined
under this chapter] if the project is subject to the
jurisdiction of the Pennsylvania Public Utility Commission
without first reporting to and advising the municipality
which created or which are members of the authority of the
agreement to acquire, including all its terms and conditions.
(2) The proposed action of the authority and the
proposed agreement to acquire shall be approved by the
governing body of the municipality which created or which are
members of the authority and to which the report is made.
Where there are one or two member municipalities of the
authority, such approval shall be by two-thirds vote of all
of the members of the governing body or of each of the
governing bodies. If there are more than two member
municipalities of the authority, approval shall be by
majority vote of all the members of each governing body of
two-thirds of the member municipalities.
(3) An authority may not acquire by a device or means,
including a consolidation, merger, purchase or lease or
through the purchase of stock, bonds or other security, title
to or possession or use of all or a substantial portion of a
facility constituting a project, unless the authority has
discussed the acquisition at a public meeting and the written
minutes of the meeting contain details relating to the
anticipated or projected public benefit that will be realized
by the acquisition. For purposes of this paragraph, a public
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