(a) A municipality, taxing district, or other political subdivision that is subject
to this section may proceed under all federal bankruptcy laws intended to relieve
(b) A municipality is subject to this section if it has the power to incur indebtedness
through the action of its governing body. A taxing district or other political subdivision is subject to this section if it
has the power to incur indebtedness either through the action of its governing body
or through that of the county or municipality in which it is located.
(c) The officials and governing body of the municipality, taxing district, or other
political subdivision may adopt all proceedings and take any action necessary or convenient
to fully avail the entity of the federal bankruptcy laws.
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