"Special taxing district" means a geographic area within which a special tax may be levied and collected on an ad valorem basis on property for the purpose of financing local public improvements that are:

1. (1) not political or governmental in nature; and

2. (2) of special benefit to the residents and property of the area.

   [Local Government Recodification Citation: New.]

   As added by Acts 1980, P.L.211, SEC.1.