Authorization for the issuance of grant anticipation notes

The governing body of a local government, acting by resolution, may issue and sell interest-bearing grant anticipation notes for public works projects in anticipation of money to be received pursuant to a grant contract between a state or federal agency and the local government. The resolution is not effective until the contract between the state or federal agency and the local government has been executed by all parties to the contract. The governing body must receive approval from the comptroller of the treasury or the comptroller's designee prior to the issuance of the grant anticipation notes.