12-1741a.   Location of facilities; letter of intent, resolution ofintent or inducement resolution; approval required, when.(a) No city shall issue revenue bonds authorized herein to finance facilitieslocated outside the issuing city's limits withoutsuch city having first received approval ofthe issuance of a letterof intentor the adoption of aresolution of intent or inducement resolutionto issue such bonds fromthe board of county commissioners of thecounty in which such facility is to be located. No cityshall issue revenue bonds authorized herein to finance facilities locatedwithin the corporate limits of another city without the issuing city firsthaving received approval ofthe issuance of a letterof intentor the adoption of aresolution of intent or inducement resolutionto issue such bonds fromthe governing body of the city in which thefacility is to be located.

      (b)   No city shall issue revenue bondsauthorized herein to finance a facility located outside the county or countiesin which any portion of such city is located without such city having first receivedapproval for the issuance of a letter of intentor the adoption of aresolution of intent or inducement resolutionto issue such bondsfrom the board of county commissionersof the county in which the facility is to be located.

      (c)   No city or county shall issue revenue bonds for facilities to be locatedon property which is owned by another city or county without the issuingcity or county first having received approval of a letter of intentor the adoption of aresolution of intent or inducement resolutiontoissue such bonds from the governing body of thecity or county which owns the property.

      (d)   Approval of a board of county commissioners shall not be requiredwith respect to a letter of intent,resolution of intent or inducement resolutionto issue revenue bonds to financeconstruction of facilities located on real estate in which the city issuingthe revenue bonds has any title interest or in which any title interest isin another entity which acquired such interest in the real estate in wholeor in part with funds of the city issuing the revenue bonds.

      (e)   The issuance of a letter of intent, resolution of intent orinducement resolution shall be deemed to havereceived the approval of a city or county for purposes of this section unlesssuch city or county provides the city or county proposing suchissuance with a written notification specifically disapproving the issuancewithin seven business days after the next regular meeting of the governing body of thecity or county having such approval authority that follows receipt of arequest for approval.

      (f)   The provisions of this section requiring approval of a letter ofintent, resolution of intent or inducement resolution as a condition toissuance of revenue bonds shall not be applicablewith respect to the issuance of any revenue bonds for which a city orcounty has issued a letter of intent, resolution of intent or inducementresolution prior to the effective date of this act.

      History:   L. 1980, ch. 68, § 6; L. 1981, ch. 74, § 4;L. 1990, ch. 74, § 5; May 24.