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<br />Fo Your Informat'on <br />7 <br />1 <br />PIIBLIC BARING REQDIREI-N~NTS I1~OSBD ON - VOLUNTE$R FIRE D~SPARTNB?~ITS <br />BY THE TECffi+ilc'~-r• coRRECTZONS FILL (IDt4333 <br />PASS$D BY CONGRESS Iii OCTOBER, 19$8 <br />In -order for the interest on an obligation (such as a lease/purcha <br />contract) of a qualified volunteer fire department to be exempt from feder <br />income tax, public hearing requirements. must be met as follows:.. <br />1. The obligation must be approved (prior„~o execution) by the <br />governmental unit with whom the VFD has a written agreement <br />to provide firefighting services: <br />This approval can be given by: <br />a) the applicable elected representative of the <br />governmental unit (such-as a mayor, county board <br />president, etc.).; . <br />b) the legislative body of the governmental unit; or,. <br />c) any other elected official designated b~ the chief <br />elected official. <br />2. Prio to' ov a public hearing must be held. <br />The applicable elected representative or the legislative <br />body of .the governmental unit may appoint any person•ty <br />conduct the public hearing. <br />It is of ec <br />representative of <br />public hearing or <br />for a report to b <br />vote need not be <br />attendees is not i <br />~ for the legislative body or the elected <br />the governmental unit to conduct, the <br />to be present, and it is nat necessary <br />e submitted to the legislative body. A <br />taken and approval of the; public or <br />''squired - <br />3. o t c he in (to give residents cf the <br />com®unity an opportunity to express their views) notic® <br />must be given. This would generally involve publi$hinq the <br />notice in a newspaper of. general circulation in the <br />locality of the governmental unit at least 14 days prior <br />to tha h®arinq. The notice would generally describe the <br />time and place of the hearing, along with a descript?.on of <br />the issue (i.e., consideration of a lease/purchase contract <br />to acquire an $mergency One fire truck). <br />This summary represents our interpretation of the lair and is not intended <br />be relied upon by volunteer fire departments or others. Such persons.shou <br />consult their own tar and legal advisors. <br />