Section 40.00. Budget note resolution; form and contents; authorization thereof

a. The issuance of budget notes or renewals  thereof  shall  be  authorized  by a "budget note resolution." Each such resolution shall be
  properly dated and shall bear  a  title  which  will  indicate  that  it
  relates to a budget note.
    b. Any municipality, school district or district corporation may adopt
  one  or  more budget note resolutions authorizing the issuance of budget
  notes for a specific object or purpose,  for  which  object  or  purpose
  budget  notes may be issued. In addition, any municipality may adopt one
  or more budget note resolutions authorizing the issuance of budget notes
  for a class of objects or purposes set forth in paragraph b, c, d  or  e
  of section 29.00 of this chapter.
    c.  A budget note resolution shall contain, in substance, at least the
  following provisions:
    1. A statement setting forth the facts and circumstances necessitating
  the issuance of such budget notes and the specific object or purpose  or
  the  class  of  objects  or  purposes  for  which the budget notes to be
  authorized by such resolution are to be issued and  stating  that  there
  are  no  other  funds  available  with  which to pay or provide for such
  object or purpose or class of objects or purposes.   Such  circumstances
  necessitating  the  issuance of budget notes and such specific object or
  purpose shall be described in brief and general terms sufficient  for  a
  reasonable identification.
    2.  A  statement  of  the amount of budget notes to be issued for such
  specific object or purpose or class of objects or purposes.
    3. A statement of the period of maturity of such notes.
    4. If such notes are  to  be  issued  in  renewal  of  other  notes  a
  statement  that  the  date  of  maturity  of such notes shall not extend
  beyond the applicable period provided in section 29.00 of  this  chapter
  for the maturity of such notes.
    d.  Every  budget  note  resolution  shall  be  adopted  by at least a
  majority vote of the voting strength of the finance board.   A  majority
  vote  shall  be  sufficient for the adoption of a resolution authorizing
  the renewal of any budget note.