(a) Capital outlay notes issued solely to the environmental protection agency of the United States (EPA) under the Asbestos in School Hazard Abatement Program, compiled in 20 U.S.C. § 4011 et seq., may be issued for a period not to exceed twenty (20) years from the date of issue. The resolution authorizing any such issue of notes shall provide for the notes to mature serially and may provide that the notes shall be subject to redemption prior to maturity at the option of local government. The comptroller of the treasury or the comptroller's designee in approving any such notes may waive the requirement of periodic retirement.

(b) All capital outlay notes issued prior to June 8, 1989, and all proceedings theretofore taken to authorize the issuance of such notes by any local government to the EPA for the asbestos in school hazard abatement program of the EPA are hereby ratified, validated and confirmed, and such notes are hereby declared to be valid and legally binding obligations payable in accordance with their terms, notwithstanding any lack of power of the governing body of the local government to authorize or issue such notes and to provide for the payment thereof in the manner stated in such notes and in the proceedings authorizing their issuance, and notwithstanding any defects or irregularities in any such proceedings or the failure of any such proceedings authorizing any such notes to comply with any of the provisions of this chapter or any applicable general or special law.