Powers and duties of authority; dissolution of authority

Sec. 12. (a) In order to accomplish the purposes set forth in section 11(a) of this chapter, the authority may do the following: (1) Finance, improve, construct, reconstruct, renovate, purchase, lease, acquire, or equip local public improvements. (2) Lease those local public improvements to the commission. (3) Sue, be sued, plead, or be impleaded, but all actions against the authority must be brought in the circuit or superior court of the county in which the authority is located. (4) Condemn, appropriate, lease, rent, purchase, or hold any real or personal property needed or considered useful in connection with local public improvements. (5) Acquire real or personal property by gift, devise, or bequest and hold, use, or dispose of that property for the purposes authorized by this chapter. (6) Enter upon any lots or lands for the purpose of surveying or examining them to determine the location of a local public improvement. (7) Design, order, contract for, or construct, reconstruct, or renovate any local public improvements or improvements thereto. (8) Employ managers, superintendents, architects, engineers, attorneys, auditors, clerks, construction managers, or other employees necessary for construction of local public improvements or improvements to them. (9) Make and enter into all contracts or agreements necessary or incidental to the performance of its duties or the execution of its powers under this chapter. (10) Take any other action necessary to implement the authority's purposes as set forth in section 11(a) of this chapter. (b) Whenever the board determines that: (1) the purposes for which the authority was formed have been substantially fulfilled; and (2) all bonds issued and all other obligations incurred by the authority have been fully paid or satisfied or provision for the payment of the bonds and obligations has been made in accordance with the terms of the resolution or trust indenture securing them; the board may declare the authority dissolved. On the effective date of the resolution of dissolution, the title to all funds and other property owned by the authority at the time of the dissolution vests in the commission on behalf of the unit creating the commission. However, if the commission is not in existence, the title vests in the unit.