The bill would amend the Urban Cooperation Act to specify that bonds or notes issued under the Act would be subject to the Revised Municipal Finance Act. The bill also would eliminate a provision under which bonds or notes must be approved by the Department of Treasury before their issuance but are not otherwise subject to the Municipal Finance Act; a provision that bonds issued under the Urban Cooperation Act are exempt from taxation; and a provision that allows an entity created under the Act to incur debt, liabilities, or obligations that do not constitute the debts, liabilities, or obligations of any of the parties to an interlocal agreement entered into under the Act. (All of these matters are addressed in the Revised Municipal Finance Act.)