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Sale of Property. Pursuant to Minnesota Statutes, Section 469.105, ~n Authority <br />may sell and convey property owned by it within the City or the district if the Authority <br />determines the sale to be in the best interest of the City or district and the sale furthers <br />the Authority's general plan for economic development. <br /> <br />Prior to the sale of property, the Authority shall hold a public hearing, with published <br />notice given at least 10 but not more than 20 days prior to the hearing. <br /> <br />Advances by Authority. Pursuant to Minnesota Statutes, Section 469.106, an Authority <br />may advance its general fund money, its credit or both, without interest, for the <br />purposes of 469.090 to 469.108. The advances, however, must be prepaid from the <br />sale and/or lease of developed or redeveloped lands. <br /> <br />V. Bonds. <br /> <br />General Obligation Bonds. Pursuant to Minnesota Statutes, Section 469.102, an <br />Authority may issue genera obligation bonds with the approval and authorization of at <br />least two-thirds of the City Council. <br /> <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 /> <br />Revenue Bonds. Pursuant to Minnesota Statutes, Section 469.103, an Authority may <br />by resolution decide to issue its revenue bonds. The revenue bonds may be issued to: <br /> <br />1. Acquire land. <br /> <br />2. Purchase or construct facilities. <br /> <br />Purchase, construct, install or furnish capita equipment to operate a facility for <br />economic development within a city. <br /> <br />4. To pay, extend, enlarge or improve a project under its control. <br /> <br />5. Establish an initial reserve to pay the principal and interest on the bond(s). <br /> <br />VI. Special Law Relating to Port Authorities. <br /> <br />Pursuant to Minnesota Statutes, Section 469.108, if a city has established a port authority by special <br />law and subsequently elects to use the powers granted in Sections 469.090 to 469.108, the powers and <br />duties set forth in Sections 469.090 to 469.108 supersedes the special law and the special law <br />relating to port authorities must not be used anymore. <br /> <br /> <br />