be obtained

The commission proposed that development funding for the park, which could be open to the public early next year, be obtained through [size=150]a local bond issue.[/size]

Which is the verb of the first bold part?
What is the meaning of the second bold part?

“be obtained” is a passive form of “obtain”. It is like “is obtained”, but “is” changes to the subjunctive “be” to fit with “proposed that”.

A “bond” is a way of borrowing money: a company, government, local authority etc. sells bonds to investors, and pays the investors an agreed amount of interest.

“local” means that the bond issue is local in scope, rather than national or global.