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VI. <br /> <br />Bonds. <br /> <br />General Obligation Bonds. Pursuant to M_innesota Statutes, Section <br />469.102, an Authority may issue general obligation bonds with the <br />approval and authorization of at least two-thirds of the city council. <br /> <br />The bonds may be issued to secure funds to pay for acquired property <br />or any other purpose stated in Sections 469.090 to 469.106. The <br />bonds may be issued }n anticipation of income 'from any source. <br /> <br />Revenue Bonds. Pursuant to Minnesota Statutes, Section 469.103, an <br />Authority may by resolution decide to issue its revenue bonds. The <br />revenue bonds may be issued to: <br /> <br />Acquire land. <br /> <br />2. Purchase or construct facilities. <br /> <br />Purchase, construct, install or furnish capital equipment to <br />operate a facility for economic development' within a city. <br /> <br />4. To pay, extend, enlarge or improve a project under its control. <br /> <br />Establish an initial reserve to pay the principal and interest on <br />the bonds. <br /> <br />Soecial Law Relating to Port Authorities. Pursuant to Minnesota Statutes, <br />Section 469.108, if a city has established a port authority by speciai law and <br />subsequently elects to use the powers g?anted in Sections 469.090 to <br />469.108, the powers and duties set forth in Sections 46~.090 to 469.108 <br />supereedes the special law and the special law relating to port authorities <br />must not be used anymore° <br /> <br />I <br />! <br />I <br />I <br />i <br />I <br />! <br />I <br />I <br /> <br />I <br />I <br />I <br />i <br />! <br />I <br />I <br />I <br />I <br /> <br /> <br />