5834

During the first twenty (20) work days following the date of approval of the loan by the MRCC Governing Board, the MRCC Executive Director shall notify the mayor of each municipality the proportion of the loan of the corresponding proportion to be paid, pursuant to the provisions of § 5833 of this title. The mayor and the Municipal Legislature of each municipality thus affected shall have twenty (20) days as of the date of receipt of the notice issued by the MRCC Executive Director, to accept and approve by resolution its participation in the financing authorized by §§ 5832–5841 of this title. Upon approval of the financing, the mayor shall formalize the financing according to the terms and conditions authorized by §§ 5832–5841 of this title. In those cases in which the mayor and the Municipal Legislature do not accept to participate in the loan, the obligations of the municipality incurred as a result of the sale of delinquent debts.\nHistory —Oct. 11, 2001, No. 146, § 3.