for the party with the second highest number of members on the county executive body.
    (b) A member of the board serves at the pleasure of the appointing authority appointing the member.
    (c) If a vacancy occurs on the board, the appointing authority shall fill the vacancy.
    (d) Not more than three (3) members appointed under subsection (a)(1) may be members of the same party.
    (e) Not more than three (3) members appointed under subsection (a)(2) may be members of the same party.
    (f) Each member, before entering upon the duties of office, must take and subscribe an oath of office under IC 5-4-1, which shall be endorsed upon the certificate of appointment and filed with the records of the board.
    (g) A member may not receive a salary.
    Sec. 11. (a) Immediately after July 1, 2005, and after January 15 of each year thereafter, the board shall hold an organizational meeting. The executive of a consolidated city shall convene the initial meeting of the board. It shall elect one (1) of the members president, another vice president, and another secretary-treasurer to perform the duties of those offices. These officers serve from the date of their election and until their successors are elected and qualified. The board may elect an assistant secretary-treasurer.
    (b) Special meetings may be called by the president of the board or any two (2) members of the board.
    (c) A majority of the members appointed to the board constitutes a quorum. The concurrence of a majority of the members appointed to the board is necessary to authorize any action.
    Sec. 12. The board may adopt such bylaws and rules as it considers necessary for the proper conduct of its duties and the safeguarding of the funds and property entrusted to its care.
    Sec. 13. The authority is organized for the following purposes:
        (1) Acquire and prepare a site for a football stadium.
        (2) Construct and equip a football stadium.
        (3) Finance the construction and equipping of a football stadium, including the payment of principal and interest on obligations (as defined in IC 5-1-3-1) issued to finance or refinance the football stadium or the payment of lease payments (as described in IC 36-10-9) for the football stadium.
        (4) Lease the football stadium to the capital improvement board for the operation and management of the football stadium.
        (5) Acquire, construct, equip, finance, and lease to the capital improvement board any part of convention center expansion

in the immediate vicinity of the football stadium that the authority determines is appropriate.
    Sec. 14. To carry out its purposes, the authority may:
        (1) Finance and construct additional improvements to capital improvements owned by the convention facilities authority and lease them to the capital improvement board.
        (2) Acquire all or a part of one (1) or more capital improvements from the capital improvement board or the convention facilities authority by purchase or lease and lease these capital improvements back to the capital improvement board, with any additional improvements that may be made to them.
        (3) Acquire all or a part of one (1) or more capital improvements from the capital improvement board or the convention facilities authority by purchase or lease to fund or refund indebtedness incurred on account of those capital improvements to enable the capital improvement board or the convention facilities authority to make a savings in debt service obligations or lease rental obligations or to obtain relief from covenants that the capital improvement board or the convention facilities authority considers to be unduly burdensome.
    Sec. 15. The authority may do any of the following to carry out its purposes:
        (1) Finance, improve, construct, reconstruct, renovate, purchase, lease, acquire, and equip capital improvements.
        (2) Lease those capital improvements to the capital improvement board.
        (3) Sue, be sued, plead, and 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, and hold any real or personal property needed or considered useful in connection with capital 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 capital improvement.
        (7) Design, order, contract for, and construct, reconstruct, and renovate any capital improvements or improvements to capital improvements.
        (8) Retain the services of architects, engineers, accountants, attorneys, and consultants and employ managers, superintendents, architects, engineers, attorneys, auditors,

clerks, construction managers, and other employees necessary for construction of capital improvements or improvements to capital improvements.
        (9) Provide coverage for its employees under IC 22-3 and IC 22-4.
        (10) Purchase public liability and other insurance considered desirable.
        (11) Make and enter into all contracts and agreements necessary or incidental to the performance of its duties and the execution of its powers under this chapter.
        (12) Acquire, hold, and transfer property.
        (13) Exercise within the county the power of eminent domain under general statutes governing the exercise of the power for a public purpose.
        (14) Sue and be sued.
        (15) Receive and use taxes distributed to the authority for the purposes of the authority related to a football stadium.
        (16) Retain and sell or lease naming rights for a football stadium to assist in financing the football stadium.
        (17) Take any other action necessary to implement its purposes.
    Sec. 16. (a) Bonds issued under IC 36-10-9, IC 36-10-9.1, or prior law may be refunded as provided in this section.
    (b) The capital improvement board or convention facilities authority may:
        (1) lease all or a part of a capital improvement or improvements to the authority, which may be at a nominal lease rental with a lease back to the capital improvement board, conditioned upon the authority assuming bonds issued under IC 36-10-9, IC 36-10-9.1, or prior law and issuing its bonds to refund those bonds; or
        (2) sell all or a part of a capital improvement or improvements to the authority for a price sufficient to provide for the refunding of those bonds and lease back the capital improvement or improvements from the authority.
    Sec. 17. A lease of capital improvements from the authority to the capital improvement board:
        (1) may not have a term exceeding forty (40) years;
        (2) may not require payment of lease rental for a newly constructed capital improvement or for improvements to an existing capital improvement until the capital improvement or improvements thereto have been completed and are ready for occupancy;
        (3) may contain provisions:
            (A) allowing the capital improvement board to continue to operate an existing capital improvement until completion

of the improvements, reconstruction, or renovation; and
            (B) requiring payment of lease rentals for an existing capital improvement being used, reconstructed, or renovated;
        (4) may contain an option to renew the lease for the same or shorter term on the conditions provided in the lease;
        (5) must contain an option for the capital improvement board or the convention facilities authority to purchase the capital improvement upon the terms stated in the lease during the term of the lease for a price equal to the amount required to pay all indebtedness incurred on account of the capital improvement, including indebtedness incurred for the refunding of that indebtedness;
        (6) may be entered into before acquisition or construction of a capital improvement;
        (7) must be approved by the executive of the county;
        (8) may provide that the capital improvement board shall agree to:
            (A) pay all taxes and assessments thereon;
            (B) maintain insurance thereon for the benefit of the authority; and
            (C) assume responsibility for utilities, repairs, alterations, and any costs of operation; and
        (9) may provide that the lease rental payments by the capital improvement board shall be made from any one (1) or more of the following sources:
            (A) Net revenues of the capital improvement.
            (B) Any other funds available to the capital improvement board.
    Sec. 18. This chapter contains full and complete authority for leases between the authority and the capital improvement board or convention facilities authority. No law, procedure, proceedings, publications, notices, consents, approvals, orders, or acts by the authority, the capital improvement board, or the convention facilities authority, or any other officer, department, agency, or instrumentality of the state or any political subdivision is required to enter into any lease, except as prescribed in this chapter.
    Sec. 19. If a lease provides for a capital improvement or improvements to a capital improvement to be constructed by the authority, the plans and specifications shall be submitted to and be approved by the capital improvement board and all agencies designated by law to pass on plans and specifications for public buildings.
    Sec. 20. The authority and the capital improvement board or the convention facilities authority may enter into common wall (party wall) agreements or other agreements concerning easements or

licenses. These agreements shall be recorded with the recorder of the county.
    Sec. 21. (a) The capital improvement board or the convention facilities authority may lease for a nominal lease rental, or sell to the authority, one (1) or more capital improvements or parts of the captial improvements or land upon which a capital improvement is located or is to be constructed.
    (b) Any lease of all or a part of a capital improvement by the capital improvement board or the convention facilities authority to the authority must be for a term equal to the term of the lease of that capital improvement back to the capital improvement board.
    (c) The capital improvement board or the convention facilities authority may sell property to the authority for the amount that it determines to be in the best interest of the capital improvement board or the convention facilities authority, which amount may be paid from the proceeds of bonds of the authority.
    Sec. 22. The authority shall establish a football stadium fund to receive revenue distributed to the authority under any of the following:
        (1) Wagering taxes (IC 4-13-13-5).
        (2) County supplemental auto rental excise tax (IC 6-6-9.7).
        (3) Innkeeper's tax (IC 6-9-8).
        (4) County admission tax (IC 6-9-13).
        (5) Luxury suite tax (IC 6-9-30).
        (6) Professional sports team excise tax (IC 6-9-35).
        (7) Metropolitan stadium authority team license plates (IC 9-18-49).
        (8) Covered taxes (IC 36-7-31).
        (9) Any other money restricted by law for use for a football stadium.
Money in the fund may be used only to construct and equip a football stadium, including the payment of principal and interest on obligations (as defined in IC 5-1-3-1) issued to finance or refinance the football stadium or the payment of lease payments (as described in IC 36-10-9) for the football stadium.
    Sec. 23. (a) The authority may issue bonds for the purpose of obtaining money to pay the cost of:
        (1) acquiring property;
        (2) constructing, improving, reconstructing, or renovating one (1) or more capital improvements;
        (3) funding or refunding bonds issued under IC 36-10-9, IC 36-10-9.1, or prior law; or
        (4) funding or refunding bonds issued under this chapter.
    (b) The bonds are payable solely from the lease rentals from the lease of the capital improvements for which the bonds were issued, insurance proceeds, and any other funds pledged or available.