Agenda - 09-18-1990 - Laserfiche WebLink

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5 Z- . '797 _.II __� ! PUBLIC HEAR IRG REQUIRE ICED ON VOA" UiR FIBS DRPARMWATS BY THE TECHNICAL CORRRMGMS BXM (OR4333) PASSED BY COHOESS IN OCTOMa, 1988 In order for the interest on an obligation (such as a lease /purchase contract) of a qualified volunteer fire department to be exempt from federal income tax, public hearing requirements must'be met as follows: 1. The obligation must be approved ( prior to execution) by the governmental unit with whom the VFD has a written agreement to provide firefighting services: This approval can be given by: a) the applicable elected representative of the governmental unit (such as a mayor, county board president, etc.); b) the legislative body of the governmental unit; or, C) any other elected official designated by the chief elected official. 2. Prior to ARproval, a public hearing must be held. The applicable elected representative or the legislative body of the governmental unit may appoint any person,to conduct the public hearing. It is not necessary for the legislative body or the elected representative of the governmental unit to conduct the public hearing or to be present, and it is not necessary for a report to be submitted to the legislative body. A vote need not be taken and approval of the public or attendees is not required. 3. Prior to the „public_ heaLijna (to give residents of the community an opportunity to express their views) notice must be given. This would generally involve publishing the notice in a newspaper of general circulation in the locality of the governmental unit at least 14 days prior to the hearing. The notice would generally describe the time and place of the hearing, along with a description of the issue (i.e., consideration of a lease /purchase contract to acquire an Emergency One fire truck). This summary represents our interpretation of the law and is not intended to be relied upon by volunteer fire departments or others. Such persons should consult their own tax and legal advisors.