(A) The county hereby creates a redevelopment authority under the Act (I.C. 36-7-14.5) to be known as the County Redevelopment Authority (“Authority”) as a separate body corporate and politic and as an instrumentality of the county.
(B) The Authority is organized for the following purposes:
(1) Financing, constructing and leasing local public improvements to the County Redevelopment Commission;
(2) Financing and constructing additional improvements to local public improvements owned by the Authority and leasing them to the County Redevelopment Commission;
(3) Acquiring all or a portion of one or more local public improvements from the County Redevelopment Commission by purchase or lease and leasing these local public improvements back to the County Redevelopment Commission, with any additional improvements that may be made to them;
(4) Acquiring all or a portion of one or more local public improvements from the County Redevelopment Commission by purchase or lease to fund or refund indebtedness incurred on account of those local public improvements to enable the County Redevelopment Commission to make a savings in debt service obligations or lease rental obligations or to obtain relief from covenants that the County Redevelopment Commission considers to be unduly burdensome; and
(5) Any other purposes permitted by the Act, including the issuance of bonds to finance local public improvements.
(C) The Board of Directors of the Authority shall be composed of three members who are residents of the county and shall be appointed by the Board of Commissioners for three-year terms.
(1984 Code, § 27-1) (Order O-C-2-1992, passed 2-3-1992)