Amends SL 1996, Second Special Session, Chapter 10, Section 4, subsection (a), amending the existing contractual powers and authority of the Lincolnton-Lincoln Airport Authority (Authority) in the following ways: (1) increasing the period limit from 25 years to 50 years to operate, own, lease, control, regulate, or grant to others the right to operate on any airport premises specified facilities as may be directly or indirectly related to the maintenance and furnishing to the general public of a complete air terminal installation; (2) increasing the period limit from 25 years to 50 years to contract with persons, firms, or corporations for the operation of airline-scheduled passenger and freight flights, nonscheduled flights, and any other airplane activities not inconsistent with the grant agreements under which the airport property is held; and (3) increasing the period limit from 25 years to 50 years for lease agreements for improvements and facilities construction, not inconsistent with or in violation of the agreements applicable to and the grants under which the real property of the airport is held.