§8-38-4. Authorization to create economic opportunity development   districts.
     A municipality may, in accordance with the procedures and subject to the limitations set forth in this article:

     (1) Create one or more economic opportunity development districts within its limits;

     (2) Provide for the administration and financing of development expenditures within the districts; and

     (3) Provide for the administration and financing of a continuing program of development expenditures within the districts.