(a) In determining whether a proposed contract shall beapproved, the Commission may consider:
(1) Whether the undertaking is necessary or expedient.
(2) The nature and amount of the outstanding debt of thecontracting unit.
(3) The unit's debt management procedures and policies.
(4) The unit's tax and special assessments collection record.
(5) The unit's compliance with the Local Government Budget andFiscal Control Act.
(6) Whether the unit is in default in any of its debt serviceobligations.
(7) The unit's present tax rates, and the increase in tax rate,if any, necessary to raise the sums to fall due under the proposed contract.
(8) The unit's appraised and assessed value of property subjectto taxation.
(9) The ability of the unit to sustain the additional taxesnecessary to perform the contract.
(10) If the proposed contract is for utility or public serviceenterprise, the probable net revenues of the undertaking to be financed and theextent to which the revenues of the utility or enterprise, after addition ofthe revenues of the undertaking to be financed, will be sufficient to meet thesums to fall due under the proposed contract.
(11) Whether the undertaking could be financed by a bond issue,and the reasons and justifications offered by the contracting unit for choosingthis method of financing rather than a bond issue.
TheCommission shall have authority to inquire into and to give consideration toany other matters that it may believe to have bearing on whether the contractshould be approved.
(b) The Commission shall approve the application if, upon theinformation and evidence it receives, it finds and determines:
(1) That the proposed contract is necessary or expedient.
(2) That the contract, under the circumstances, is preferable toa bond issue for the same purpose.
(3) That the sums to fall due under the contract are adequateand not excessive for its proposed purpose.
(4) That the unit's debt management procedures and policies aregood, or that reasonable assurances have been given that its debt willhenceforth be managed in strict compliance with law.
(5) That the increase in taxes, if any, necessary to meet thesums to fall due under the contract will not be excessive.
(6) That the unit is not in default in any of its debt serviceobligations.
TheCommission need not find all of these facts and conclusions if it concludesthat (i) the proposed project is necessary and expedient, (ii) the proposedundertaking cannot be economically financed by a bond issue and (iii) thecontract will not require an excessive increase in taxes.
If the Commission tentatively decides to deny the application becauseit cannot be supported from the information presented to it, it shall so notifythe unit filing the information. If the unit so requests, the Commission shallhold a public hearing on the application at which time any interested personsshall be heard. The Commission may appoint a hearing officer to conduct thehearing and to present a summary of the testimony and his recommendation forthe Commission's consideration. (1971, c. 780, s. 1; 1973, c. 494, s. 32.)
(a) In determining whether a proposed contract shall beapproved, the Commission may consider:
(1) Whether the undertaking is necessary or expedient.
(2) The nature and amount of the outstanding debt of thecontracting unit.
(3) The unit's debt management procedures and policies.
(4) The unit's tax and special assessments collection record.
(5) The unit's compliance with the Local Government Budget andFiscal Control Act.
(6) Whether the unit is in default in any of its debt serviceobligations.
(7) The unit's present tax rates, and the increase in tax rate,if any, necessary to raise the sums to fall due under the proposed contract.
(8) The unit's appraised and assessed value of property subjectto taxation.
(9) The ability of the unit to sustain the additional taxesnecessary to perform the contract.
(10) If the proposed contract is for utility or public serviceenterprise, the probable net revenues of the undertaking to be financed and theextent to which the revenues of the utility or enterprise, after addition ofthe revenues of the undertaking to be financed, will be sufficient to meet thesums to fall due under the proposed contract.
(11) Whether the undertaking could be financed by a bond issue,and the reasons and justifications offered by the contracting unit for choosingthis method of financing rather than a bond issue.
TheCommission shall have authority to inquire into and to give consideration toany other matters that it may believe to have bearing on whether the contractshould be approved.
(b) The Commission shall approve the application if, upon theinformation and evidence it receives, it finds and determines:
(1) That the proposed contract is necessary or expedient.
(2) That the contract, under the circumstances, is preferable toa bond issue for the same purpose.
(3) That the sums to fall due under the contract are adequateand not excessive for its proposed purpose.
(4) That the unit's debt management procedures and policies aregood, or that reasonable assurances have been given that its debt willhenceforth be managed in strict compliance with law.
(5) That the increase in taxes, if any, necessary to meet thesums to fall due under the contract will not be excessive.
(6) That the unit is not in default in any of its debt serviceobligations.
TheCommission need not find all of these facts and conclusions if it concludesthat (i) the proposed project is necessary and expedient, (ii) the proposedundertaking cannot be economically financed by a bond issue and (iii) thecontract will not require an excessive increase in taxes.
If the Commission tentatively decides to deny the application becauseit cannot be supported from the information presented to it, it shall so notifythe unit filing the information. If the unit so requests, the Commission shallhold a public hearing on the application at which time any interested personsshall be heard. The Commission may appoint a hearing officer to conduct thehearing and to present a summary of the testimony and his recommendation forthe Commission's consideration. (1971, c. 780, s. 1; 1973, c. 494, s. 32.)
(a) In determining whether a proposed contract shall beapproved, the Commission may consider:
(1) Whether the undertaking is necessary or expedient.
(2) The nature and amount of the outstanding debt of thecontracting unit.
(3) The unit's debt management procedures and policies.
(4) The unit's tax and special assessments collection record.
(5) The unit's compliance with the Local Government Budget andFiscal Control Act.
(6) Whether the unit is in default in any of its debt serviceobligations.
(7) The unit's present tax rates, and the increase in tax rate,if any, necessary to raise the sums to fall due under the proposed contract.
(8) The unit's appraised and assessed value of property subjectto taxation.
(9) The ability of the unit to sustain the additional taxesnecessary to perform the contract.
(10) If the proposed contract is for utility or public serviceenterprise, the probable net revenues of the undertaking to be financed and theextent to which the revenues of the utility or enterprise, after addition ofthe revenues of the undertaking to be financed, will be sufficient to meet thesums to fall due under the proposed contract.
(11) Whether the undertaking could be financed by a bond issue,and the reasons and justifications offered by the contracting unit for choosingthis method of financing rather than a bond issue.
TheCommission shall have authority to inquire into and to give consideration toany other matters that it may believe to have bearing on whether the contractshould be approved.
(b) The Commission shall approve the application if, upon theinformation and evidence it receives, it finds and determines:
(1) That the proposed contract is necessary or expedient.
(2) That the contract, under the circumstances, is preferable toa bond issue for the same purpose.
(3) That the sums to fall due under the contract are adequateand not excessive for its proposed purpose.
(4) That the unit's debt management procedures and policies aregood, or that reasonable assurances have been given that its debt willhenceforth be managed in strict compliance with law.
(5) That the increase in taxes, if any, necessary to meet thesums to fall due under the contract will not be excessive.
(6) That the unit is not in default in any of its debt serviceobligations.
TheCommission need not find all of these facts and conclusions if it concludesthat (i) the proposed project is necessary and expedient, (ii) the proposedundertaking cannot be economically financed by a bond issue and (iii) thecontract will not require an excessive increase in taxes.
If the Commission tentatively decides to deny the application becauseit cannot be supported from the information presented to it, it shall so notifythe unit filing the information. If the unit so requests, the Commission shallhold a public hearing on the application at which time any interested personsshall be heard. The Commission may appoint a hearing officer to conduct thehearing and to present a summary of the testimony and his recommendation forthe Commission's consideration. (1971, c. 780, s. 1; 1973, c. 494, s. 32.)
