(a)

(1) If the governing body of each of two (2) or more contiguous counties, by resolution, declares that there is a need for one (1) housing authority to be created for all of the contiguous counties to exercise in those counties powers and other functions prescribed for a regional housing authority, then a public body corporate and politic to be known as a regional housing authority shall thereupon exist for all of the counties and exercise its powers and other functions in the counties.

(2) Thereupon each county housing authority created for each of these counties shall cease to exist except for the purpose of winding up its affairs and executing a deed to the regional housing authority as provided in this section.

(b) The governing body of each of two (2) or more contiguous counties shall, by resolution, declare that there is a need for one (1) regional housing authority to be created for all of the counties to exercise in those counties the powers and other functions prescribed for a regional housing authority only if the governing body finds that:

(1) Unsanitary or unsafe inhabited dwelling accommodations exist in the county or there is a shortage of safe or sanitary dwelling accommodations in the county available to persons of low income at rentals they can afford; and

(2) A regional housing authority would be a more efficient or economical administrative unit than the housing authority of the county.

(c) The governing body of a county shall not adopt a resolution as prescribed in this section if there is a county housing authority created for the county which has any bonds or notes outstanding unless:

(1) All holders of the bonds and notes consent, in writing, to the substitution of the regional housing authority in lieu of the county housing authority on all such bonds and notes; and

(2) The commissioners of the county housing authority adopt a resolution consenting to the transfer of all the rights, contracts, obligations, and property, real and personal, of the county housing authority to the regional housing authority as provided in this section.

(d) When the conditions of subsection (b) of this section are complied with and the regional housing authority is created and authorized to exercise its powers and other functions:

(1) All rights, contracts, agreements, obligations, and real and personal property of the county housing authority shall be in the name of, and vest in, the regional housing authority;

(2) All obligations of the county housing authority shall be the obligations of the regional housing authority; and

(3) All rights and remedies of any person against the county housing authority may be asserted, enforced, and prosecuted against the regional housing authority to the same extent as they might have been asserted, enforced, and prosecuted against the county housing authority.