1. (a) If the commissioner determines that the findings show that the establishment of a recommended district:

   1. (1) complies with the conditions of this chapter for establishment of a district; and

   2. (2) appears capable of accomplishing the purpose or purposes in an economically feasible manner;

      the commissioner shall issue an order directing that the district be established as an independent municipal corporation with a name and for the purposes designated in the order.

2. (b) An order must do the following:

   1. (1) Provide for the selection or appointment and terms of offices, not to exceed four (4) years, of the board.
   2. (2) Provide requirements for sufficient bond for all officers, trustees, or employees having power to dispense money of the district.
   3. (3) If an eligible entity with territory in the district has a public water or solid waste sewer system, contain provisions protecting the investments of the entities and protecting the rights of the holders of bonds or other obligations issued to provide money for the system.

   4. (4) Direct the district to file a detailed plan for the initial project of the district not later than nine (9) months after the date of the preliminary order or within a further time that the department from time to time orders.

      [Pre-1996 Recodification Citation: 13-3-2-5(c), (e) part.]

As added by P.L.1-1996, SEC.16.