Sec. 5. (a) This section applies to a county, qualified city, third class city, or town authorized to establish or join a development authority under this article.

     (b) A county, qualified city, third class city, or town described in subsection (a) shall be a member of the development authority for at least eight (8) years after the date the county, qualified city, third class city, or town becomes a member of the development authority.

Terms Used In Indiana Code 36-7.6-2-5

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
     (c) At least twelve (12) months and not more than eighteen (18) months before the end of a county’s, qualified city’s, third class city’s, or town’s membership period under subsection (b) or this subsection, the county, qualified city, third class city, or town described in subsection (a) must adopt an ordinance that:

(1) commits the county, qualified city, third class city, or town to an additional eight (8) years as a member of the development authority, beginning at the end of the current membership period; or

(2) withdraws the county, qualified city, third class city, or town from membership in the development authority not earlier than the end of the current membership period.

     (d) A county, qualified city, third class city, or town described in subsection (a) may withdraw from a development authority as provided in this section without the approval of the development board. However, the withdrawal of a county does not affect the membership of a qualified city or third class city that became a member of the development authority as a result of the county’s membership.

     (e) If at the end of a county’s membership period a county described in subsection (a) does not withdraw from the development authority under this section and remains a member of the development authority, the qualified cities and third class cities in the county may not withdraw from the development authority and remain members of the development authority.

     (f) A development authority shall notify the Indiana economic development corporation promptly in writing when a member withdraws from the development authority.

As added by P.L.232-2007, SEC.7. Amended by P.L.178-2015, SEC.12.

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