An authority:

1. (1) Is an instrumentality that exercises public and essential government functions;
2. (2) Provides for the public health and welfare; and
3. (3) May acquire, hold, construct, extend, repair, improve, operate, or lease as a lessor or lessee 1 or more projects that are wholly or partly within 1 or more of the member political subdivisions.

Added by Acts 1985, c. 173, § 2.