Is a local government required to seek Local Government Commission (LGC) approval before issuing project development bonds?

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Is a local government required to seek Local Government Commission (LGC) approval before issuing project development bonds?

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Yes. A local government must receive LGC approval before issuing project development bonds. The application for approval must include all statements of fact and documents required by the Secretary of the LGC concerning the proposed bonds, the project development district, the project development financing plan, and the financial condition of the taxing unit.

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