The governing body of a contiguous political subdivision in an adjoining state whose laws permit may acquire, establish, construct, enlarge, own, control, lease, equip, improve, maintain, and operate airports, landing fields, and other aeronautical facilities in this state with a political subdivision thereof, subject to the laws and rules of this state applicable to its political subdivisions in aeronautical projects and subject to the laws of the other state in matters relating to financing the projects. A political subdivision of an adjoining state shall have the same privileges, rights, and duties of a like political subdivision of this state. This section shall not apply unless the laws of the adjoining state permit political subdivisions of this state to acquire, establish, construct, enlarge, own, control, lease, equip, improve, maintain, operate, and otherwise control airports, landing fields, and other aeronautical facilities in the adjoining state with all privileges, rights, and duties applicable to the other political subdivisions of that state in aeronautical projects.