§ 15-9-203 — Powers of governing body; creation of authority; status thereof

A municipality may itself exercise the powers specified in this
article, or if the governing body, by resolution, determines it
to be in the public interest, it may elect to create and
establish a downtown development authority, pursuant to the
provisions of this article. The authority shall have all the
powers provided in this article that are authorized by the
ordinance authorizing the authority, or any amendment thereto.
When established, the authority shall be a body corporate and
capable of being a party to suits, proceedings and contracts the
same as municipalities in this state. The authority may be
dissolved by ordinance of the governing body, if there is no
outstanding indebtedness of the authority or if adequate
provision for the payment of such indebtedness is provided.