The council finds that there exists within the territorial limits of municipalities in the county, blighted areas, or slum conditions which require rehabilitation; that the existence of such areas contributes to the spread of crime and disease, constitutes an economic and moral liability, decreases the tax base, reduces tax revenues, increases juvenile delinquency within the entire county; that the prevention and elimination of slum and blighted areas is a matter of public policy of the state and the county. It is further found and declared that local municipalities may require assistance financially to rehabilitate such blighted area, or slum conditions. It is further found and declared that the aiding of local municipalities financially to rehabilitate such blighted areas of slum conditions serves to maintain the peace, good government, health and welfare of the county.

The county is hereby authorized to make grants or loans to municipalities within the geographic boundary of the county for the purpose of carrying out urban renewal projects within the boundaries of such municipalities.

(a) Any municipality within the county is authorized to apply for a grant or loan from the county to assist in financing an urban renewal project within such municipality. The application shall be in such form and contain such information as may be required by the county. (b) Prior to authorizing final approval of an application for a financial grant or loan, the county council shall: (1) Receive and consider the recommendation of the county executive as to whether the grant or loan shall be approved in whole or in part. (2) Hold a public hearing on the proposed urban renewal grant or loan application, after fifteen (15) days' notice in a newspaper having general circulation in the county, giving the time, place and date of the hearing, and an opportunity for the public to view the plans and/or adopt the findings of the local municipality. (3) Approve or deny the grant or loan by resolution.

For the purpose of financing and carrying out this grant or loan program, the county is granted the power and authority to borrow money and incur indebtedness and to evidence such borrowing or indebtedness by the issuance, at any time, and from time to time, of its general obligation serial maturity bonds, upon the full faith and credit of the county as provided for in section 56-13 or by the use of revenue bonds as provided for in section 56-14.