IC 5-1.4-2-1: Local public improvement bond bank; establishment; nature; purpose

Sec. 1. (a) In a city there is established a local public improvement bond bank, to be known as "The ____________ (name of city) __________ Local Public Improvement Bond Bank", for:

(1) the public purposes set out in this article; and

(2) in the case of a city described in IC 5-1.4-1-5(3), the additional public purposes of:

(A) developing infrastructure;

(B) promoting education and tourism; and

(C) assisting economic development.

(b) The bank is a body corporate and politic separate from the city in its corporate capacity.

(c) The purpose of the bank is to buy and sell securities of qualified entities.