§ 4-29-140 — Fiscal Accountability Authority shall approve proposal of governing board; petition shall be filed; investigation; notice of approval; challenging validity of approval.

(A) No bonds may be issued pursuant to the provisions of this chapter until the proposal of the governing board to issue the bonds receives the approval of the State Fiscal Accountability Authority. Whenever a governing board proposes to issue bonds pursuant to the provisions of this chapter, it shall file its petition with the State Fiscal Accountability Authority setting forth: (1) a brief description of the project proposed to be undertaken and its anticipated effect upon the economy of the county or incorporated municipality in which the project is to be located and of the areas adjacent to it; (2) a reasonable estimate of the cost of the project; (3) a general summary of the terms and conditions of the financing agreement and security agreement to be made, including a statement establishing the basis for the payment of sums in lieu of taxes as required by Section 4-29-60; and (4) such other information as the State Fiscal Accountability Authority requires. Upon the filing of the petition the State Fiscal Accountability Authority, as soon as practicable, shall conduct such review as it considers advisable, and if it finds that the proposal of the governing board is intended to promote the purposes of this chapter, it is authorized to approve the proposal. At any time following the approval, the governing board may proceed with the acquisition and financing of the project in accordance with the proposal as approved by the State Fiscal Accountability Authority. Notice of the approval of a proposal by the State Fiscal Accountability Authority must be published at least once by the State Fiscal Accountability Authority in a newspaper having general circulation in the county where the project is to be located. (B) Any interested party, within twenty days after the date of the publication of the notice, but not afterwards, may challenge the validity of the approval by action de novo in the court of common pleas in the county where the project is to be located.

Legislative History

HISTORY: 1962 Code SECTION 14-399.34; 1967 (55) 120; 1980 Act No. 518, SECTION 10B; 1994 Act No. 426, SECTION 1, eff May 27, 1994. Effect of Amendment The 1994 amendment organized this section into lettered and numbered subsections and paragraphs; in subsection (A) added paragraph (4) reading "such other information as the state board requires"; in subsection (B) deleted "and is reasonably anticipated to effect such result" following "intended to promote the purposes of this chapter"; and made grammatical changes.