Whenever the board shall determine to provide financial assistance to an eligible municipality pursuant to the provisions of this act, the board shall forthwith notify the Governor, the President of the Senate, the Speaker of the General Assembly and the State Treasurer. The notice shall set forth:

a. The municipality’s eligibility for a payment of financial assistance under the provisions of this act;

b. The board’s determination of the amounts of financial assistance to be paid to that eligible municipality;

c. The form, amount and terms of the financial assistance, including whether or not any loan shall be repaid with interest and, if so, the rate of that interest, and the factors considered by the board in making those determinations;

d. The actions the governing body of the eligible municipality intends to take in the current local budget year to meet the municipality’s revenue needs;

e. The actions the governing body intends to take to expand the eligible municipality’s local revenue generating capacity for subsequent local budget years; and

f. Any other information or data the board deems appropriate and necessary.

L. 1987, c. 75, s. 7.