(a) The governing board of a consolidated city-county may by resolution establish a governmental study commission to study all matters pertaining to the dissolution of the consolidated city-county and reestablishment of separate city and county government. The study commission may:
(1) Prepare a report of its findings and conclusions.
(2) Prepare drafts of any agreements or legislation necessary to effect the dissolution of a consolidated city-county.
(3) Prepare a plan for dissolution of the consolidated city-county.
(b) A study commission established pursuant to this section may:
(1) Adopt rules and regulations for the conduct of its business.
(2) Employ personnel.
(3) Contract with consultants.
(4) Hold hearings in the furtherance of its business.
(5) Take any other action necessary or expedient to the furtherance of its business.