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.
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