CCP 01-29-1996 - Laserfiche WebLink

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---------- 5, Providing relocation benefits. 6. Planning, engineering, legal and other necessary services to carry out e activities listed in (1) through (5) above. 7. The allocated administrative expenses of the Authority for the projects. C. Sale of Proper tv. Pursuant to Minnesota Statutes, Section 469.105, an Authority may sell and convey property owned by it within the City or the district if the Authority determines the sale to be in the best interest of the City or district and the sale furthers the Authority's general plan for economic development. Prior to the sale of the property, the Authority shall hold a public hearing, with published notice given at least 10 but not more than 20 days prior to the hearing. D. Advances by Authority. Pursuant to Minnesota Statutes, Section 469.106, an Authority may advance its general fund money, its credit or both, without interest, for the purpose of 469.090 to 469.108. The advances, however, must be prepaid from the sale and/or lease of developed or redeveloped lands. V. Bonds - A. General Obli~ations Bonds. Pursuant to Minnesota Statutes, Section 469.102, an - Authority may issue general obligation bonds with the approval and authorization of at least two-thirds of the City Council. e: The bonds may be issued to secure funds to pay for acquired property or any other purpose stated in Sections 469,090 to 469,108, The bonds may be issued in I anticipation of income from any source. B, Revenue Bonds. Pursuant to Minnesota Statutes, Section 469,103, an Authority I may by resolution decide to issue its revenue bonds. The revenue bonds may be issued to: 1. Acquire land, I 2, Purchase or construct facilities. I 3. Purchase, construct, install or furnish capital equipment to operate a I facility for economic development within a city. 4. To pay, extend, enlarge or improve a project under its control. I 5. Establish an initial reserve to pay the principal and interest on the bonds. 6 e- I I