45-1994. Hearing; findings

A. The chairman of the board, at the earliest practical date, shall fix a time and place for a hearing at least twenty but not more than thirty days after adopting the resolution. The authority shall publish notice of the time and place fixed for the hearing twice in a newspaper of general circulation in the county in which the authority is established.

B. All pertinent records and documents shall be filed at least ten days before the date set for the hearing. Prehearings respecting any particular document, feature or incidental matter or any separable part or portion of any resolution may be held by the board on ten days' previous written notice if the board deems that holding a prehearing is conducive to expediting a final hearing, and a decision as to the issues presented may thereupon be rendered.

C. At the time and place fixed for the hearing, the board shall examine and determine the matters and questions involved. Hearings may be recessed, adjourned or continued as the board orders.

D. Any person who holds an original agreement or proposal made with the authority relating to or concerning the handling, sale, control or disposition of a proposed issue of bonds or who has previously made an offer or bid in good faith to purchase the bonds pursuant to a published invitation for bids by the authority, and any operating unit holding contracts with the authority at least ten days before the date fixed for the hearing, may qualify to be heard.

E. If the board finds that all precedent requirements and conditions have been fulfilled, it shall approve the bond issue in whole or in part or shall otherwise disapprove the bond issue as a whole or as to such features or proposals as do not meet the essential requirements. When the board has made and entered its findings, it shall enter a decision accordingly.

F. The decision of the board based on findings of fact that are supported by a preponderance of the evidence and that are not arbitrary or unreasonable is final and conclusive.