(a) If, as a result of its studies under section 9 of this chapter, the municipal legislative body finds that public acquisition of the system would fulfill one (1) or more of the conditions listed in section 5(a)(2) of this chapter, it may adopt an ordinance:

1. (1) declaring that public acquisition of the system is in the public interest of the municipality;
2. (2) providing for the creation of a public transportation corporation;
3. (3) specifying the number of directors of the corporation; and
4. (4) setting forth the boundaries of the taxing district of the corporation.

(b) The taxing district set forth in the ordinance may include only:

1. (1) all territory inside the corporate boundaries of the municipality; and

2. (2) the suburban territory, as defined in IC 36-9-1-9 , that is served by the system at the time of acquisition.

   [Pre-Local Government Recodification Citation: 19-5-2-9 part.]

   As added by Acts 1981, P.L.309, SEC.77. Amended by P.L.348-1983, SEC.2.