(A) Purposes. The Authority is organized for the following purposes:
(1) Financing, constructing, and leasing local public improvements to the Commission.
(2) Financing and constructing additional improvements to local public improvements owned by the Authority and leasing them to the Commission.
(3) Acquiring all or a portion of one (1) or more local public improvements from the Commission by purchase or lease and leasing these local public improvements back to the Commission, with any additional improvements that may be made to them.
(4) Acquiring all or a portion of one (1) or more local public improvements from the Commission by purchase or lease to fund or refund indebtedness incurred on account of those local public improvements to enable the Commission to make a savings in debt service obligations or lease rental obligations or to obtain relief from covenants that the Commission considers to be unduly burdensome.
(5) Any other purposes permitted by I.C. 36-4-14.5 et seq., and any other applicable statutes, including the issuance of bonds to finance local public improvements.
(B) Membership. The Board of Directors of the Authority shall be composed of three (3) members who are residents of the Town and shall be appointed by the President of the Town Council for three-year (3-year) terms. If a vacancy occurs on the Board, the President shall fill the vacancy by appointing a new member for the remainder of the vacated term. Each member, before entering upon the duties of office, must take and subscribe an oath of office under I.C. 5-4-1, which shall be endorsed upon the certificate of appointment and filed with the records of the Board. A member may not receive a salary , and no profit or money of the Authority shall inure to the benefit of a member.
(C) Annual organizational meeting. Each year, the Board shall hold an organizational meeting on a day that is not a Saturday, a Sunday, or a legal holiday and that is their first meeting day of the year. It shall elect one (1) of the members President, and another Vice President, and another Secretary-Treasurer to perform the duties of those offices. These officers serve from the date of their election and until their successors are elected and qualified. The Board may elect an assistant Secretary-Treasurer. Before April 1, the Secretary-Treasurer shall report annually to the Board.
(D) Special meetings. Special meetings may be called by the President of the Board or any two (2) members of the Board.
(E) Quorum. A majority of he members constitutes a quorum, and the concurrence of a majority of the members is necessary to authorize any action.
(F) Removal. Pursuant to I.C. 36-7-14.5-8, members may be removed for cause by the President of the Town Council.
(G) Reporting. Not later than April 15 of each year, the Board shall submit a report setting out its activities during the preceding calendar year to the Town Council and the Town Council President, as well as the Department of Local Government Finance in an electronic format. The report must include te following for each tax increment financing district for the previous year: (1) revenues received; (2) expenses paid; (3) fund balances; (4) the amount and maturity date for all outstanding obligations; (5) the amount paid on outstanding balances; and (6) a list of all the parcels included in each tax increment financing district allocation area and the base assessed value and incremental assessed value for each parcel in the list.
(H) In addition to the laws, rules, and ordinances of a general nature that apply to all other authorities and department of the Town, the Authority is subject to: (1) audit by the State Board of Accounts; (2) public meetings law; and (3) public records law.
(I) The Authority or any other entity established or controlled by the Authority may not own lease or otherwise hold a single family dwelling or condominium unit for purposes of leasing for the use by individuals as a dwelling. However, the Authority may own property in the capacity of a land bank for a unit.
(`92 Code, § 2-351) (Ord. 93-27, passed 7-22-93; Am. Ord. 2016-25, passed 10-13-16)