99.1006.  Rural economic stimulus authority authorized, limitations. — Each municipality may create an authority to be known as a "Rural Economic Stimulus Authority"; provided, however:

  (1)  No such authority shall transact any business or exercise its powers pursuant to sections 99.1000 to 99.1060 until and unless the governing body of such municipality shall, in accordance with subsection 1 of section 99.1033, approve, by ordinance, the exercise of the powers, functions, and duties of an authority under sections 99.1000 to 99.1060;

  (2)  No governing body of a municipality shall adopt an ordinance pursuant to subdivision (1) of this section unless it finds:

  (a)  That it would be in the interest of the public to consider the establishment of a development area in accordance with sections 99.1000 to 99.1060; and

  (b)  That the development of such a development area would be in the interest of the public health, safety, morals, or welfare of the residents of such municipality.