In addition to powers which it may now have, the Village has the power under this Article:
(a) To issue its bonds to finance in whole or in part the cost of the acquisition, purchase, construction, reconstruction, improvement, betterment or extension of any development project. In determining such cost, there may be included all costs and estimated costs of the issuance of such bonds and all engineering, inspection, fiscal and legal expenses.
(b) To sell on installment contract or to rent or lease such development project to industrial or commercial concerns in such manner that the installment payments under the contract or the rents to be charged for the use of the development project shall be fixed and revised from time to time so as to produce income and revenues sufficient to provide for the prompt payment of interest upon all bonds issued under this Article, and to create a sinking fund to pay the principal of such bonds when due and to provide for the operation and maintenance of such development project and for an adequate depreciation account in connection therewith.
(c) To pledge to the punctual payment of bonds authorized under this Article and interest thereon the income and revenues to be received from such development project (including improvements, betterments or extensions thereto which may thereafter be constructed or acquired) sufficient to pay such bonds and interest as they become due and to create and maintain reasonable reserves therefor.
(d) To mortgage such development project in favor of the holder or holders of bonds issued therefor.
(e) To enter into a loan agreement and accept a note or mortgage, or both as security for payment of the proceeds of the revenue bonds and to pledge said note or mortgage, or both, for the benefit of the holders of the bonds.
(f) To sell, rent or lease such development project, or to accept a note in connection with such development project on such terms and conditions and at such time as the Board of Trustees may determine. However, no sale, rental, lease or loan shall ever be made in such manner as to impair the rights or interests of the holder or holders of any bonds issued for the construction, purchase, improvement or extension of any such development project.
(g) To issue its bonds to refund in whole or in part, bonds theretofore issued by the Village under authority of this Article. (Ord. 0-81-26, 4-6-81)