(A) The Authority shall be a public body corporate which may sue or be sued in any court of this state. It shall possess all of the powers granted by statute and by this chapter, and those incident thereto, except that the Authority may not do the following acts without the authorization by resolution of the Village Council:
(1) Levy an ad valorem tax as provided by § 12(1) of the Act;
(2) Borrow money and issue negotiable revenue bonds of the Authority pursuant to § 13 of the Act; and
(3) Implement a tax increment financing plan pursuant to §§ 14 and 15 of the Act.
(B) The enumeration of any powers herein shall not be construed as a limitation upon the general powers of the Authority unless the context shall clearly indicate otherwise. The Authority shall have a corporate seal.
(Ord. 110, passed 6-21-1979)