Financing for essential housing developments

Any local government otherwise authorized to issue bonds and notes pursuant to the Local Government Public Obligations Act of 1986, compiled in chapter 21 of this title, may issue its bonds and notes to fund the acquisition or improvement of an essential housing development, and to issue related refunding bonds, pursuant to the applicable provisions of the Local Government Public Obligations Act of 1986. An essential housing development constitutes a project for purposes of the Public Building Authorities Act of 1971, compiled in title 12, chapter 10, and title 7, chapter 53; a public works project for purposes of the Local Government Public Obligations Act of 1986; and the exercise of a power under § 13-20-104. The power to issue bonds under titles 7, 9, and 12 does not circumvent the procedures under this part, and this part must be followed, including the submission of a plan to the comptroller of the treasury.