A municipality may itself exercise all the powers granted by this appendix, or may, if its legislative body by ordinance determines such action to be in the public interest elect to have such powers exercised by a separate public body or agency as hereinafter provided. In the event said legislative body makes such determination, it shall proceed by ordinance to establish a public body or agency to undertake in the municipality the activities authorized by this appendix. Such ordinance shall include provisions establishing the number of members of such public body or agency, the manner of their appointment and removal, the terms of said members and their compensation. The ordinance may include such additional provisions relating to the organization of said public body or agency as may be necessary. In the event the legislative body enacts such an ordinance, all of the powers by this appendix granted to the municipality shall, from the effective date of said ordinance, be vested in the public body or agency thereby established, except:
(a) The power to pass a resolution to initiate an urban renewal project pursuant to Section Al-104 of this appendix.
(b) The power to issue general obligation bonds pursuant to Section Al-109 of this appendix.
(c) The power to appropriate funds, and to levy taxes and assessments pursuant to Section Al-102(c) of this appendix.