§ 5-1-4-2-1

(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) the public purposes set out in this article; and(2) in the case of a city described in IC 5-1.4-1-5(3), the additional public purposes of:(A) developing infrastructure;(B) promoting education and tourism; and(C) assisting economic development.(b) The bank is a body corporate and politic separate from the city in its corporate capacity.(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.