A public entity may create, by a duly adopted resolution of its governing body, a mandated project bond issuer. A mandated project bond issuer is a body politic and corporate, not an agency of the state but an independent instrumentality exercising essential public functions, and has the powers and duties set forth in section 70-1819. The chairperson of the governing body of the creating public entity shall appoint a three-person board of directors from among the governing body's members, and such board of directors shall govern the mandated project bond issuer.
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