The governing board of any municipality, referred to in this part 9 as the "governing body", may create and establish a municipal energy finance authority by the passage of an ordinance therefor. The authority shall have all the powers provided in this part 9 that are authorized by the ordinance, or any amendment thereto, authorizing such authority. When established, the authority shall be a body corporate, and capable of being a party to suits, proceedings, and contracts, the same as municipalities in this state. Any such authority may be dissolved by ordinance of the governing body, if there are no outstanding bonds or other obligations of the authority or if adequate provision for the payment of such bonds or obligations has been provided.
Source: L. 80: Entire part added, p. 659, § 1, effective July 1.