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<br /> I <br /> I. C. Sale of Property. Pursuant to Minnesota Statutes, Section 469.105, an Authority <br /> may sell and convey property owned by it within the City or the district if the <br /> I Authority determines the sale to be in the best interest of the City or district and <br /> the sale furthers the Authority's general plan for economic development. - <br /> I PriOT to the sale of the property, the Authority shall hold a public hearing, with <br /> published notice given at least 10 but not more than 20 days prior to the hearing. <br /> I D. Advances bv Authority. Pursuant to Minnesota Statutes, Section 469.106, an <br /> Authority may advance its general fund money, its credit or both, without interest, <br /> I for the purpose of 469.090 to 469.108. The advances, however, must be prepaid <br /> from the sale and/or lease of developed or redeveloped lands. <br /> I V. Bonds <br /> A. General Obligations Bonds. Pursuant to Minnesota Statutes. Section469.102, an <br /> Authority may issue general obligation bonds with the approval and authorization <br /> I of at least two-thirds of the City Council. <br /> The bonds may be issued to secure funds to pay for acquired property or any other <br /> . purpose stated in Sections 469.090 to 469.108. The bonds may be issued in <br /> anticipation of income from any source. <br /> .- B. Revenue Bonds. Pursuant to Minnesota Statutes, Section 469.103, an Authority <br /> may by resolution decide to issue its revenue bonds. The revenue bonds may be <br /> issued to: <br /> . 1. Acquire land. <br /> I 2. Purchase or construct facilities. <br /> I 3. Purchase, construct, install or furnish capital equipment to operate a <br /> facility for economic development within a city. <br /> 4. To pay, extend, enlarge or improve a project under its control. . <br /> I <br /> 5. Establish an initial reserve to pay the principal and interest on the bonds. <br /> I VI. Special Law Relating to Port Authorities. Pursuant to Minnesota Statutes, Section <br /> 469.108, if a city has. established a port authority by special law and subsequently elects <br /> , to use the powers granted in Sections 469.090 to 469.108, the powers and duties set forth <br /> in Sections 469.090 to 469.108 supersedes the special law and the special law relating to <br /> port authorities must not be used anymore. <br /> , <br /> ,- <br /> , <br />