(a) Before issuing bonds for a project under this chapter, the authority must find, on the basis of all information reasonably available to it, that the
(1) project and its development under this chapter will be economically advantageous to the state and the general public welfare and will contribute to the economic growth of the state;
(2) project is financially sound and can be expected to produce revenue adequate to repay the bonds with which it is financed; and
(3) scope of the project is sufficient to provide a reasonable expectation of a benefit to the region and the economy of the state.
(b) The authority shall give fair and reasonable consideration to a project presented to it for financing. When the authority determines whether to finance or assist in the financing of a project, the authority shall state the reasons for its determination in a written resolution upon request by a person who presented the project to the authority or a person who presented opposition to the project. The authority shall base its reasons on the information presented to it concerning the project and on other information considered appropriate by the authority.
(c) The authority may not issue bonds to finance or assist in financing a project unless the authority has received legislative approval to do so for a specified project.
Section: 30.17.200 30.17.210 30.17.220 30.17.230 30.17.240 30.17.250 30.17.260 30.17.270 30.17.280 NextLast modified: November 15, 2016