(a) Whenever federal law requires public hearings and public approval as a prerequisite to obtaining federal tax exemption for the interest paid on private activity bonds under § 147(f) of the Internal Revenue Code (26 U.S.C. § 147(f)), as amended, unless otherwise specified by federal law or regulation, the public hearing for private activity bonds of the authority must be conducted by the board or any one (1) or more officers or members of the authority after prior notice, all as required by § 147(f) and applicable regulations and revenue rulings under that section.
(b) For public approval, the governor shall serve as the applicable elected representative within the meaning of § 147(f)(2)(E) of the Internal Revenue Code (26 U.S.C. § 147(f)(2)(E)).