There is hereby created, pursuant to IC 36-7-12, the Bloomington Economic Development Commission, which shall have responsibility for the financing of economic development facilities and pollution control facilities within the City of Bloomington. The Economic Development Commission shall have all the powers and authorities set out for such commissions in IC 36-7-12 and shall bear such duties and responsibilities as are therein set out. The Bloomington Economic Development Commission shall follow such rules and procedures and observe such limitations as are now set out in IC 36-7-12, or as shall be added by future amendments to the Indiana Code. (Ord. 83-6 § 3 (part), 1983).