A local government must establish by ordinance or resolution an authority. At a minimum, the ordinance must: (1) Specify the powers to be exercised by the authority; (2) Reserve the local government's right to dissolve the authority after its contractual responsibilities have expired; (3) Establish an administrative board, including: (a) The number of board members; (b) the times and terms of appointment for each board position; (c) the amount of compensation, if any, to be paid to board members; (d) the procedures for removing board members and filing vacancies; and (e) the qualifications for the appointment of individuals to the board; (4) Establish the authority's boundaries, which must be contiguous tracts of land; (5) Ensure that private and public funds provided to the authority will be segregated; (6) Establish guidelines under which the authority may invest its funds; (7) Provide the requirements for auditing the records of the authority; and (8) Require the local government's legal counsel to also provide legal services to the authority.
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