A. Whenever federal law requires public hearings and public approval as aprerequisite to obtaining federal tax exemption for the interest paid onindustrial development bonds, unless otherwise specified by federal law orregulation, the public hearing shall be conducted by the authority and theprocedure for the public hearing and public approval shall be in accordancewith this section.
B. For a public hearing by the authority, notice of the hearing shall bepublished once a week for two successive weeks in a newspaper having generalcirculation in the locality in which the facility to be financed is to belocated of intention to provide financing for a named individual or businessentity. The applicant shall pay the cost of publication. The notice shallspecify the time and place of hearing at which persons may appear and presenttheir views. The hearing shall be held not less than six days nor more thantwenty-one days after the second notice shall appear in such newspaper.
The notice shall contain: (i) the name and address of the authority; (ii) thename and address (principal place of business, if any) of the party seekingfinancing; (iii) the maximum dollar amount of financing sought; and (iv) thetype of business and purpose and specific location, if known, of the facilityto be financed.
If after the hearing has been held the authority approves the financing, areasonably detailed summary of the comments expressed at the hearing shall beconveyed promptly to the locality's governing body together with therecommendation of the authority.
C. For public approval, the governing body of the locality on behalf of whichthe bonds of the authority are issued shall within sixty calendar days fromthe public hearing held by the authority either approve or disapprovefinancing of any facility recommended by the authority.
Action of the governing body shall be by a majority of a quorum set out in aresolution. Such vote shall be recorded and disclose how each member voted.
In case of a joint authority the approval required by the governing body ofthe locality shall be that governing body of the area where the facility willbe located, if permitted by federal law or regulation.
The provisions of this section shall not apply to bonds, notes or otherobligations issued pursuant to hearings held and governmental approvalsobtained prior to the effective date of this act in compliance with federallaw or regulation.
A. Whenever federal law requires public hearings and public approval as aprerequisite to obtaining federal tax exemption for the interest paid onindustrial development bonds, unless otherwise specified by federal law orregulation, the public hearing shall be conducted by the authority and theprocedure for the public hearing and public approval shall be in accordancewith this section.
B. For a public hearing by the authority, notice of the hearing shall bepublished once a week for two successive weeks in a newspaper having generalcirculation in the locality in which the facility to be financed is to belocated of intention to provide financing for a named individual or businessentity. The applicant shall pay the cost of publication. The notice shallspecify the time and place of hearing at which persons may appear and presenttheir views. The hearing shall be held not less than six days nor more thantwenty-one days after the second notice shall appear in such newspaper.
The notice shall contain: (i) the name and address of the authority; (ii) thename and address (principal place of business, if any) of the party seekingfinancing; (iii) the maximum dollar amount of financing sought; and (iv) thetype of business and purpose and specific location, if known, of the facilityto be financed.
If after the hearing has been held the authority approves the financing, areasonably detailed summary of the comments expressed at the hearing shall beconveyed promptly to the locality's governing body together with therecommendation of the authority.
C. For public approval, the governing body of the locality on behalf of whichthe bonds of the authority are issued shall within sixty calendar days fromthe public hearing held by the authority either approve or disapprovefinancing of any facility recommended by the authority.
Action of the governing body shall be by a majority of a quorum set out in aresolution. Such vote shall be recorded and disclose how each member voted.
In case of a joint authority the approval required by the governing body ofthe locality shall be that governing body of the area where the facility willbe located, if permitted by federal law or regulation.
The provisions of this section shall not apply to bonds, notes or otherobligations issued pursuant to hearings held and governmental approvalsobtained prior to the effective date of this act in compliance with federallaw or regulation.
A. Whenever federal law requires public hearings and public approval as aprerequisite to obtaining federal tax exemption for the interest paid onindustrial development bonds, unless otherwise specified by federal law orregulation, the public hearing shall be conducted by the authority and theprocedure for the public hearing and public approval shall be in accordancewith this section.
B. For a public hearing by the authority, notice of the hearing shall bepublished once a week for two successive weeks in a newspaper having generalcirculation in the locality in which the facility to be financed is to belocated of intention to provide financing for a named individual or businessentity. The applicant shall pay the cost of publication. The notice shallspecify the time and place of hearing at which persons may appear and presenttheir views. The hearing shall be held not less than six days nor more thantwenty-one days after the second notice shall appear in such newspaper.
The notice shall contain: (i) the name and address of the authority; (ii) thename and address (principal place of business, if any) of the party seekingfinancing; (iii) the maximum dollar amount of financing sought; and (iv) thetype of business and purpose and specific location, if known, of the facilityto be financed.
If after the hearing has been held the authority approves the financing, areasonably detailed summary of the comments expressed at the hearing shall beconveyed promptly to the locality's governing body together with therecommendation of the authority.
C. For public approval, the governing body of the locality on behalf of whichthe bonds of the authority are issued shall within sixty calendar days fromthe public hearing held by the authority either approve or disapprovefinancing of any facility recommended by the authority.
Action of the governing body shall be by a majority of a quorum set out in aresolution. Such vote shall be recorded and disclose how each member voted.
In case of a joint authority the approval required by the governing body ofthe locality shall be that governing body of the area where the facility willbe located, if permitted by federal law or regulation.
The provisions of this section shall not apply to bonds, notes or otherobligations issued pursuant to hearings held and governmental approvalsobtained prior to the effective date of this act in compliance with federallaw or regulation.
