(1) Notwithstanding another law to the contrary, the governing body of a local government may issue notes that mature beyond the close of the fiscal year in which such notes are issued when such notes are:(1) Approved by the comptroller of the treasury or the comptroller's designee and guaranteed by the state funding board;(2) Approved by the comptroller of the treasury or the comptroller's designee in the case of economic distress due to a natural disaster certified by the federal emergency management agency (FEMA); or(3) Approved by the comptroller of the treasury or the comptroller's designee after the local government has reasonably demonstrated to the comptroller or the comptroller's designee that a natural disaster has caused economic distress to the local government.
(1) Approved by the comptroller of the treasury or the comptroller's designee and guaranteed by the state funding board;
(2) Approved by the comptroller of the treasury or the comptroller's designee in the case of economic distress due to a natural disaster certified by the federal emergency management agency (FEMA); or
(3) Approved by the comptroller of the treasury or the comptroller's designee after the local government has reasonably demonstrated to the comptroller or the comptroller's designee that a natural disaster has caused economic distress to the local government.