A. Prior to entering into a financing agreement for the project and the issuance of revenue bonds in connection with the project, the local government shall determine:

1. (1) the amount necessary in each year to pay the principal of and the interest on the first bonds proposed to be issued to finance the project;
2. (2) the amount necessary to be paid each year into any reserve funds that the local government may deem advisable to establish in connection with the retirement of the proposed bonds and the maintenance of the project; and

3. (3) the estimated cost of maintaining the project in good repair and keeping it properly insured unless the terms under which the project is to be financed provide that the user shall maintain the project and carry all proper insurance with respect to the project.

   B. The determination and findings of the local government required to be made by Subsection A of this section shall be set forth in the proceedings under which the proposed revenue bonds are to be issued; but the foregoing amounts need not be expressed in dollars and cents in the financing agreement and proceedings under which the bonds are authorized to be issued.

History: Laws 1979, ch. 391, § 39; 2018, ch. 60, § 36.

ANNOTATIONS

The 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties, made technical changes, and replaced "governing body" with "local government" throughout the section.