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7 <br /> For Your Information <br /> PUBLIC HEARING REQUIREMENTS IMPOSED ON VOLUNTEER FIRE DEPARTMENTS <br /> BY THE TECHNICAL CORRECTIONS BILL (HR4333) <br /> PASSED BY CONGRESS IN OCTOBER, 1988 <br /> In order for vle interest on an obligation (such as a lease/purchase <br /> contract) of a qualified volunteer fire department to be exempt from federal <br /> income tax, publ c hearing requirements must* be met as follows: <br /> 1. The obligation must be approved (prior to execution) by the <br /> governor ntal unit with whom the VFD has a written agreement <br /> to prov'de firefighting services: <br /> This ap roval can be given by: <br /> a) the applicable elected representative of the <br /> gov rnmental unit (such as a mayor, county board <br /> president, etc . ) ; <br /> b) the legislative body of the governmental unit; or, <br /> c) any other elected official designated by the chief <br /> elected official. <br /> 2 . Prior to Aonroval, a public hearing must be held. <br /> The applicable elected representative or the legislative <br /> body of the governmental unit may appoint any person - to <br /> conduct the public hearing. <br /> It is n! t necessaKy for the legislative body or the elected <br /> representative of the governmental unit to conduct the <br /> public hearing or to be present, and it is not necessary <br /> for a report to be submitted to the legislative body. A <br /> vote need not be taken and approval of the public or <br /> attendees is not required. <br /> 3 . Prior to the public hearing (to give residents of the <br /> community an opportunity to express their views) notice <br /> must be given. This would generally involve publishing the <br /> notice in a newspaper of general circulation in the <br /> locality of the governmental unit at least 14 days prior <br /> to the hearing. The notice would generally describe the <br /> time and place of the hearing, along with a description of <br /> the iss a (i.e. , consideration of a lease/purchase contract <br /> to acquire an Emergency One fire truck) . <br /> This summary represents our interpretation of the law and is not intended to <br /> be relied upon by volunteer fire departments or others. Such persons should <br /> consult their own tax and legal advisors. <br />