Section 4. Within sixty days after the submission to it of an application under section two, the board shall authorize the issuance of qualified bonds, if it is satisfied that the issuance of qualified bonds is appropriate. The authorization shall be recorded in a resolution adopted by the board. If the board is not satisfied, it shall so indicate by the adoption within said sixty day period of a resolution stating its disapproval of the request. Failure to adopt an authorizing resolution within this sixty day period shall be a denial of the application.