Sec. 1. (a) There is established for the public purposes set forth in this article a body politic and corporate, not a state agency but an independent instrumentality exercising essential public functions, to be known as the Indiana finance authority. The authority is separate and apart from the state in its corporate and sovereign capacity, and though separate from the state, the exercise by the authority of its powers constitutes an essential governmental, public, and corporate function. (b) The authority is comprised of five (5) members. (c) The members are as follows: (1) The director of the office of management and budget, or the director's designee, who shall serve as chair of the authority. (2) The treasurer of state, or the treasurer of state's designee. (3) Three (3) members appointed by the governor, not more than two (2) of whom may be from the same political party. (d) All members must be residents of Indiana.
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