5768 AUTHORIZING ACQUISITION, CONSTRUCTION AND FINANCING POLLUTION CONTROL FACILITIES AND ECONOMIC DEVELOPMENT PROJECTS

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_ � . . . ;{ �L. . � Section 3. Additional Powers. In addition to powers which it may now have, the municipality shall have the power under this Ordinance: (1) To construct, acquire by gift, purchase or lease, to reconstruct, improve, better or extend and to finance one or more projects, whether or not now or hereafter in existence, within the municipality, and, if desirable, to acquire by gift, purchase or lease lands or rights in land in connection with any project. (2) To issue its revenue bonds to defray in whole or in part the pro3ect costs of any project and to designate an appropriate name for such bonds. (3) To rent, lease or sell any project to any person in such manner that payments to be received with respect to the project shall produce revenues and receipts sufficient to provide for the prompt payment at maturity of principal, interest and redemption premiums, if any, upon all bonds issued to finance the cost of such project. (4) To pledge to the punctual payment of bonds authorized under this Ordinance, the interest thereon, and the redemption premiums, if any, the revenues and receipts to be received from such project. (5) To mortgage such project in favor of the holder or holders of bonds issued therefor. (6) To sell and convey such project, including without limitation the sale and conveyance thereof subject to a mortgage, if any, as provided in this Ordinance, for such price and at such time as the governing body of the municipality may determine. However, no sale or conveyance of such project shall ever be made in such manner as to impair the rights or interests of the holder or holders of any bonds issued to finance the project costs of such project. (7) To issue its bonds to refund in whole or in part, bonds theretofore issued by such municipality under authority of this Ordinance. Property acquired by the municipality pursuant to the provisions of this Ordinance shall be exempt from the imposition and collection of taxes thereon while owned by the municipality, but the use of such property is subject to taxation to be paid by the lessee or occupant as provided in Section 26 of the "Revenue Act of 1939" f iled May 17, 1939, or as may hereafter be amended. Section 4. Exercise of Powers - Bonds. The exercise of all powers granted by this Ordinance may be authorized, and bonds may be authorized to be issued under this Ordinance for the purposes set forth in this Ordinance, by ordinance of the governing body of the municipality � which may be adopted at the same meeting at which it is introduced and shall ' take effect immediately upon adoption. ' The bonds shall bear interest at such rate or rates, payable at such times, may be in one or more series, may bear such date or dates, may mature at such time or times not exceeding 40 years from their respective dates, may be payable in such medium of payment at such place or places, may carry such registration privileges, may be subject to such terms of redemption at such premi�s, may be executed in such manner, may contain such terms, covenants and conditions, and may be in such form, either coupon or registered, as such ordinance may provide or as may be subsequently determined by the governing body before the bonds are issued. The bonds may be sold at public or private sale in such manner and upon such terms as may be deemed advisable by the governing body of the municipality. Pending the preparation of the definitive bonds, interim receipts or cer- tificates in such form and with such provisions as the governing body of the municipality may determine, may be issued to the purchaser or purchasers -3-