ID H0019

Requires local governing body approval before an urban renewal agency incurs debt, including bonds or other liabilities lasting more than one fiscal year, but exempts ordinary and necessary administrative expenses from this requirement.

Requires local governing body approval before an urban renewal agency issues bonds or other obligations that would obligate county property taxpayers for payment.

Authorizes urban renewal agencies to acquire real property, demolish structures, and pay related costs prior to formal urban renewal plan approval, with local governing body approval.

Bonds issued by urban renewal agencies are not subject to constitutional or statutory debt limitations and do not constitute municipal debt, but remain exempt from taxation.

Makes technical corrections by replacing references to "this act" with "this chapter" throughout the urban renewal statutes.