Whenever the board deems it necessary for the local taxing entity to incur a bonded indebtedness to fund all or any portion of an outstanding judgment against the entity, it shall by resolution state:
(a)The necessity for the indebtedness.
(b)The purpose for which the proposed debt is to be incurred.
(c)The amount of the proposed debt.
(d)The time and place for a hearing by the board on the question whether the local taxing entity should incur a bonded indebtedness to fund all or any portion of an outstanding judgment against the entity.