Sec 35-702. Proceedings to incorporate industrial development authority

A. Whenever any number of natural persons, not less than three, each of whom is a qualified elector of the municipality or the county or, in the case of a corporation to be formed with the permission of the Arizona board of regents, qualified electors of this state, file with any governing body thereof an application in writing seeking permission to apply for the incorporation of an industrial development board of such municipality or county, such governing body shall consider such application. If the governing body by resolution finds and determines that it is wise, expedient, necessary or advisable that the corporation be formed and authorizes the persons making such application to form such corporation, then the persons making such application shall proceed to incorporate as prescribed by this chapter. No corporation may be formed unless such application first has been filed with the governing body having jurisdiction and the governing body adopts a resolution as provided in this section. Any such corporation when formed shall be a political subdivision of the state and have only such governmental powers as are set forth in this chapter, in chapter 6 of this title and the power to enter into intergovernmental agreements in accordance with title 11, chapter 7, article 3.

B. Only one such corporation shall be approved by a municipality or county for operation at any time.