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7. TRANSFER AND SALE OF REALTY. The City Council may at any time transfer and <br /> sell the fee simple title, or any lesser estate that it acquired to a11 or any part of the real property within <br /> the redevelopment area. Such sales and transfers may be made to: <br /> (1) Any individual, association or corporation, organized under the laws of this State or <br /> of any other Sta.te or country which may legally make such investments in this State, including foreign <br /> and alien insurance companies, as defined in Section 2 of the "Illinois Insurance Code"; or, ' <br /> (2) Any body politic and corporate, public corporation or private individual, <br /> corporation, association or interest empowered by law to acquire, develop and use such real property <br /> for such uses,public or private, as are in accordance with the final redevelopment plan. <br /> Any redevelopment area may be sold either as an entirety or in such parcels as the City Council <br /> may select. It is not necessary that title be acquired to all real property within the redevelopment azea <br /> before the sale of a part thereof may be made as provided in this Section. <br /> 8. BORROWING OF MONEY AND ISSUANCE OF BONDS. The City Council may <br /> incur indebtedness and issue revenue bonds in such amounts as it deems necessary for the purpose of <br /> raising funds for carrying out the provisions of a final redevelopment plan provided for the eradication <br /> and elimination of blight and conditions likely to create blight and the acquisition, development or <br /> redevelopment of blight or conservation areas and any other area which may constitute a <br /> redevelopment area within the municipality or for the purpose of financing in whole or in part the cost <br /> of acquisition, construction and financing of any commercial properties. <br />