A political subdivision may designate a community action agency to serve a community within the political subdivision or may change or revoke a designation by: an act, an ordinance, or a resolution of its governing body; or an order of its chief executive, if the chief legal officer certifies in writing that the chief executive has power to make the designation. The governing body shall notify the public and hold a public hearing before a designation is made, changed, or revoked. A transition or close-down plan shall accompany the notification of a proposed change or revocation of a designation. A change in or revocation of a designation takes effect at the start of the State fiscal year.