House committee substitute amends the 1st edition as follows.

Modifies and adds to the proposed changes to Section 4 of SL 1997-275, as amended. Adds leasing authority as a distinct power granted to the Halifax-Northampton Airport Authority (Authority). Makes organizational changes; maintains the proposed exemption of the Authority's leasing of real or personal property from the procedures set forth in Article 12 of GS Chapter 160A (pertaining to the sale and disposition of property), and discretion granted to the Authority in determining lease terms and conditions. Additionally grants the Authority the power to (1) erect buildings, hangers, shops, and other improvements and facilities, subject to applicable property agreements and grants; (2) lease the improvements and facilities for terms of up to 40 years; (3) take loans to fund improvements and facilities, secured by their lease agreements; and (4) pledge and assign the leases and lease agreements as security for authorized loans. Adds that the proposed changes apply to contracts entered into or renewed on or after the date the act becomes law. Changes the act's long title.