(A) The Redevelopment Authority shall consist of three board members who shall be appointed by the Town Council President, pursuant to IC 36-7-14.5. Members of the Redevelopment Authority Board must be residents of the town. No profit or money of the Redevelopment Authority may inure to the benefit of a Board Member.
(B) The Redevelopment Authority Board may adopt such by-laws and rules as it deems necessary to carry out its purpose and function.
(C) When the Redevelopment Authority Board determines that the Redevelopment Authority has substantially fulfilled the purpose for which it was formed, and all obligations incurred have been satisfied or arrangements have been made to satisfy those obligations, the Board may declare the Authority dissolved.
(Ord. 92-G-14, passed 10-12-92)