Sec. 21. (a) Two (2) or more:
(1) advisory commissions; or
(2) legislative bodies;
or any combination of advisory commissions and legislative bodies may enter into a written agreement under this section to jointly undertake economic development projects.
(b) A party to an agreement under this section may do one (1) or more of the following:
(1) Except as provided in subsection (c), grant one (1) or more of its powers to another party to the agreement.
(2) Exercise any power granted to it by a party to the agreement.
(3) Pledge any of its revenues to the bonds or lease rental obligations of another party to the agreement under IC 5-1-14-4.
(c) A party to an agreement under this section may not grant another party to the agreement the power to tax or to establish a district under this chapter.
(d) An action to challenge the validity of an agreement under this section must be brought not more than thirty (30) days after the agreement has been approved by all the parties to the agreement. After that period has passed, the agreement is not contestable for any cause.
As added by P.L.203-2005, SEC.9.