(2) If the local government, after public hearing according to the local government’s rules, determines that it is wise and desirable to create in an authority the powers and duties set forth in ORS 465.600 to 465.621, the local government shall by ordinance or resolution create such an authority. The ordinance or resolution shall set forth:
(a) The name of the authority, which shall be "The Land Bank Authority of (local government), Oregon" or other similar distinctive name.
(b) The number of directors of the authority, which must be an odd number not less than five or more than 11.
(c) The names of the initial directors and their initial terms of service, which may not exceed four years.
(d) Other provisions that may be appropriate and not inconsistent with ORS 465.600 to 465.621 or the laws of Oregon.
(3) Upon the adoption of an ordinance or resolution under subsection (2) of this section, the authority shall be deemed established as a municipal corporation of the state and as a body corporate and politic exercising public powers. Notwithstanding any law to the contrary, the authority shall exist as a legal entity separate from the local government that created the authority.
(4) An authority organized under this section shall have all the powers and duties contained in ORS 465.600 to 465.621. [2015 c.631 §2]
Note: See note under 465.600.