Indiana Code Title 36. Local Government § 36-7-38-2

Sec. 2. (a) The legislative body of an eligible unit may adopt an ordinance:

as an independent instrumentality exercising essential governmental functions.

(b) The legislative bodies of two (2) or more eligible units within a single county or within two (2) or more contiguous counties may enter into an interlocal agreement under IC 36-1-7:

as an independent instrumentality exercising essential governmental functions.

(c) The primary purpose of a land bank established under subsection (a) or (b) is to manage and improve the marketability of distressed real property located in the territory of the land bank.

(d) An ordinance or interlocal agreement establishing a land bank must specify:

(e) The territory of a land bank established under subsection (a) is:

(f) The territory of a land bank established under subsection (b) is the territory of all the eligible units that have established the land bank, except for the territory of any municipality that has established another land bank under subsection (a) or (b).