The corporation charter (the charter) is hereby created and issued by the city to the corporation. Said charter grants to the corporation all powers authorized by the act and subject the same to all the limitations imposed thereby. The charter is hereby approved, pursuant to Idaho Code section 50-2703 of the act. The charter may be amended, altered or changed at any time at the discretion of the city and the city may terminate the public corporation if contracts entered into are not impaired. With this chapter, however, the city does not attempt to delegate any of its attributes of sovereignty to the public corporation. The existence of the corporation commences simultaneously when this chapter becomes effective. (1984 Code § 1-10-3; amd. 2014 Code)