1. (a) In a city there is established a local public improvement bond bank, to be known as "The ____________ (name of city) __________ Local Public Improvement Bond Bank", for:

   1. (1) the public purposes set out in this article; and

   2. (2) in the case of a city described in IC 5-1.4-1-5 (3), the additional public purposes of:

      1. (A) developing infrastructure;
      2. (B) promoting education and tourism; and
      3. (C) assisting economic development.
2. (b) The bank is a body corporate and politic separate from the city in its corporate capacity.
3. (c) The purpose of the bank is to buy and sell securities of qualified entities.

As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.3; P.L.11-1987, SEC.9; P.L.255-1997(ss), SEC.3.