The general assembly finds that the establishment of a local public improvement bond bank in a city described in IC 5-1.4-1-5 (3):

1. (1) is necessary as a result of:

   1. (A) unique sources of revenues available to the city in relation to its budget;
   2. (B) extraordinary needs for infrastructure improvements in the city and in the county in which the city is located;
   3. (C) unprecedented opportunities for economic development, including tourism development; and
   4. (D) unique demands for education and workforce development, including facilities for providing education and training;
2. (2) will afford the city the necessary flexibility to address the extraordinary demands and opportunities in a manner that will best serve the interests of the city and the state; and
3. (3) constitutes an important public purpose and will protect and improve the health, safety, and welfare of the people of the city and the state.

As added by P.L.255-1997(ss), SEC.4.