(a) Prior to the issuance of any revenue bonds pursuant to this part and part 1 of this chapter, the governing body of the local government shall adopt a resolution (herein referred to as the “initial resolution”) determining to issue the revenue bonds.
(b) The initial resolution shall state in substance:
(1) The amount or maximum amount of revenue bonds to be issued;
(2) The public works project or projects for which the revenue bonds are to be issued, but if the bonds are to be issued for more than one (1) project, the initial resolution need not state the amount which will be used for each project;
(3) The rate or maximum rate of interest which the revenue bonds are to bear; and
(4) A brief concise statement that the revenue bonds will be payable exclusively from revenues of the public works project or projects.
(c) The initial resolution shall be published in full once in a newspaper of general circulation in the local government.
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