(1) (a) At least forty-five days prior to the creation of any authority or value capture area pursuant to this part 5, a notice containing the proposed boundaries of the authority or value capture area and the methods proposed for financing public highways in the authority or a copy of the value capture plan shall be sent to the division and to the department of revenue.

(b) At least forty-five days prior to the imposition of or any increase in any fee or prior to the issuance of any bonds authorized in this part 5, a notice specifying the amount of the fee and its proposed duration or the value and number of bonds to be issued shall be sent to the division. The notice required by this paragraph (b) shall not be necessary if the required information has previously been provided in the notice required by paragraph (a) of this subsection (1).

(c) At the time the notice required in paragraph (a) or (b) of this subsection (1) is sent to the division, a copy shall be filed with the transportation legislation review committee.

(2) The division shall forward copies of any such notice to the department of transportation if it determines that the proposed authority or value capture area or the fee or bonds will have an impact on any operations of that department.

(3) (a) (Deleted by amendment, L. 2017.)

(b) The division shall notify the general assembly by letter, if it deems that immediate notification is warranted, of any situation relating to the creation of an authority or value capture area, the imposition of any fee, or the issuance of any bonds by an authority that the division believes or has reason to believe will adversely affect the tax-raising ability or the credit or bond rating of any governmental unit or any school district.

(4) Notwithstanding the requirements of section 24-1-136 (11)(a)(I), the authority shall report annually in the month of August to the transportation legislation review committee on its activities during the preceding twelve months and on its proposed activities during the succeeding twelve months. The board and staff of the authority shall cooperate with the transportation legislation review committee in carrying out its duties pursuant to section 43-2-145 (1.5).