Section 4-230 - Issuing procedures of local obligations.
§ 4-230. Issuing procedures of local obligations.
(a) In general.-
(1) Notwithstanding any other public general law, or public local law, charter, or ordinance, a political subdivision or a governmental unit of a political subdivision may issue a local obligation to be purchased by the Administration for infrastructure projects.
(2) A local obligation shall be issued in accordance with this section.
(3) Each local obligation must be authorized by resolution or ordinance of the governing body of the issuer.
(b) Notice and public hearing.-
(1) Before a local obligation is issued under this section:
(i) the issuer shall publish a notice of the proposed issuance in a newspaper of general circulation in the jurisdiction of the issuer; and
(ii) the governing body of the issuer shall hold a public hearing on the proposed issuance.
(2) The notice shall include the proposed amount of the issue, the nature of the infrastructure project to be financed, the time and place of the public hearing, and the name and address of the governing body where written comments may be sent.
[An. Code 1957, art. 83B, § 2-204(16)(iv)1, 2; 2005, ch. 26, § 2.]