A. The legislative body of a municipality may by ordinance establish a planning agency.
B. The planning agency shall:
1. Develop and maintain a general plan.
2. Develop such specific plans as may be necessary to implement the general plan.
3. Periodically review the capital improvement program of the municipality.
4. Perform such other planning functions as the legislative body may provide.
C. Each planning agency has the powers necessary to enable it to fulfill its planning functions as provided in this article. It may:
1. Contract for, receive and utilize any grants or other financial assistance made available by a municipality, a county, the state or the federal government.
2. Contract with the state or federal government and any of its agencies, or the legislative body of any municipality or county.