Sec. 4.5. (a) This section applies only to an airport authority established under this chapter by the fiscal body of Clark County.

(b) The following apply to the authority:

(1) The authority shall be named the South Central Regional Airport Authority.

(2) The budget and tax levies of the authority must be approved by the fiscal body of Clark County as provided in IC 6-1.1-17-20.

(3) The authority may not issue bonds or enter into a lease payable in whole or in part from property taxes unless the authority obtains the approval of the fiscal body of Clark County as provided in IC 6-1.1-17-20.5.

(c) The board must at all times maintain liability insurance coverage for the authority that provides general liability coverage in an amount determined sufficient by the board.

(d) The board must issue for each year an annual report that includes at least the following:

(1) The reports submitted to the board under section 21 of this chapter by the treasurer of the authority for the year.

(2) An audited balance sheet, an audited cash flow statement, and an audited income statement for the year.

(3) Minutes of each meeting of the board held during the year.

(4) A report of any pending or potential litigation involving the authority or the board, including a discussion of potential loss resulting from the pending or potential litigation.

(e) The board must each year present the annual report issued under subsection (d):

(1) at a public meeting of the county executive of Clark County;

(2) at a public meeting of the fiscal body of Clark County; and

(3) at a public meeting of the legislative body of the town of Sellersburg.

(f) Notwithstanding sections 4 and 5 of this chapter or any other law, the following apply to the membership of the board of the authority:

(1) Subject to subdivision (2), the individuals serving as members of the Clark County board of aviation commissioners at the time the authority is established shall become the initial members of the board of the authority.

(2) If:

(A) the Clark County board of aviation commissioners consists of five (5) members at the time the authority is established; and

(B) the board of the authority consists of only four (4) members;

the county executive of Clark County shall determine which four (4) of the members of the Clark County board of aviation commissioners shall become the initial members of the board of the authority.

(3) The terms of the individuals who serve as the initial members of the board of the authority as provided in subdivision (1) expire on January 1 of the first calendar year that begins at least twelve (12) months after the authority is established.

(4) Upon the expiration of the terms of the individuals who serve as the initial members of the board of the authority, the members of the board shall be appointed as provided in section 4(h) of this chapter.

(g) The general assembly finds that by enacting this section and section 4(h) of this chapter, Clark County will have the opportunity to advance the economic development potential of the county through the airport authority, the military base reuse authority, and the ports of Indiana.

As added by P.L.84-2013, SEC.2.