(a)  Any community, for the purpose of aiding in the undertakings authorized by § 45-32-48, notwithstanding any other provisions of the general laws, has the power and right to assume the responsibility for and to guarantee repayment of any loan made to an agency by private financial institutions or the federal government on terms and conditions that it may deem proper and to bear any loss which may arise as the result of the acquisition of the real property, all administrative costs and other payments relating thereto, including the management thereof, the actual sums disbursed to the occupants for relocation expenses (notwithstanding the limitation in amount imposed by § 45-31-27), the demolition and removal of buildings or structures on the real property, and the clearance and improvement of the land so acquired, in the event the redevelopment plan for the project is not approved or is amended to omit any or all property, or is abandoned for any reason.

(b)  No guarantee or responsibility shall be executed or assumed by any community until the legislative body of the community has passed an ordinance specifically authorizing the assumption of a guarantee and acceptance of responsibility.

(c)  Before passing an ordinance, the legislative body of the community or its committee to which the proposed ordinance has been referred, shall hold a public hearing after giving notice of the date, time, place, and purpose.

(d)  The notices shall be published not less than once a week for three (3) successive weeks prior to the hearing in a newspaper of general circulation published in the community or, if no newspaper is published in a community, then in a newspaper of general circulation in the community.

(e)  At the public hearing, all interested persons or agencies shall have an opportunity to be heard and to submit communications in writing. The public hearing may be held jointly with the hearing required under § 45-32-4 and/or with the hearing required under § 45-32-11 if the legislative body so directs.