Whenever the board deems it necessary for the local taxing entity to incur a bonded indebtedness to fund all or any portion of an outstanding judgment against the entity, it shall by resolution state: (a) The necessity for the indebtedness. (b) The purpose for which the proposed debt is to be incurred. (c) The amount of the proposed debt. (d) The time and place for a hearing by the board on the question whether the local taxing entity should incur a bonded indebtedness to fund all or any portion of an outstanding judgment against the entity.
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