(a) Notwithstanding any other law and in addition to any other authority, to improve the management of debt service or interest rate risks on its bonds or to reduce the cost of servicing its bonds, the governing body of a county may enact, by local law or resolution, authority for the county to: (1) enter into interest rate exchange agreements providing for payments based on levels of or changes in interest rates; and (2) appoint any agents necessary to implement and administer the agreements. (b) (1) A county that proposes to enter into one or more interest rate exchange agreements shall enact a local law or resolution that authorizes the transaction on the terms and conditions established by the county in the local law or resolution. (2) (i) In the local law or resolution that authorizes the transaction or in a separate resolution, the county may provide for the final form and the final terms and provisions of the agreement, after giving due consideration to the creditworthiness of the counterparty. (ii) The county may delegate to an officer, an official, a board, or an agency of the county specified in the local law or resolution the power to provide for the final form and the final terms and provisions of the agreement, after giving due consideration to the creditworthiness of the counterparty. (c) An interest rate exchange agreement may be entered into in connection with, or incidental to, any bonds of the county.
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