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(a) In order to carry out the purposes of this
subheading, the municipality shall have prepared an urban
renewal plan for slum or blighted areas in the
municipality, and shall approve the plan formally. Prior
to its approval of an urban renewal project, the
municipality shall submit the plan to the planning body
of the municipality for review and recommendations as to
its conformity with the master plan for the development
of the municipality as a whole. The planning body shall
submit its written recommendation with respect to the
proposed urban renewal plan to the municipality within 60
days after receipt of the plan for review. Upon receipt
of the recommendations of the planning body or, if no
recommendations are received within the 60 days, then
without the recommendations, the municipality may proceed
with a public hearing on the proposed urban renewal
project. The municipality shall hold a public hearing on
an urban renewal project after public notice of it by
publication in a newspaper having a general circulation
within the corporate limits of the municipality. The
notice shall describe the time, date, place and purpose
of the hearing; shall generally identify the urban
renewal area covered by the plan; and shall outline the
general scope of the urban renewal project under
consideration. Following the hearing, the municipality
nay approve an urban renewal project and the plan
therefor if it finds that:
(3) The urban renewal plan will afford
maximum opportunity, consistent with the sound needs of
the municipality as a whole, for the rehabilitation or
redevelopment [or] OF the urban renewal area by private
enterprise.
126L.
(c) Bonds issued under this section shall be
authorized by resolution or ordinance of the legislative
body of the municipality. They may be issued in one or
more series and:
(3) Bear interest at a (rates] RATE or
rates,
SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1976.
Approved May 17, 1976.
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