(1) The building finance committee in the industrial development division of the department of economic and community development is charged with the duty of making effective the declared public policy of the state and municipalities as set forth in this chapter, and for that purpose is hereby authorized and empowered to determine whether the public welfare demands, and sound state public policy requires, that any municipality shall have the right to engage in any or all of the rights and privileges enumerated in this chapter. Each municipality within this state has the right to apply to the committee for a certificate of public purpose and necessity from the committee as to whether the general welfare requires that such municipality enter into a given enterprise.
(2) In determining whether such certificate shall be issued, the committee may hold public hearings or private hearings, make investigations as may be desired, and shall have power to summon witnesses, administer oaths, hear testimony and make a record of all things had and done at such hearing or investigation, and to order issued such certificate of public purpose and necessity as the committee may deem advisable.