(A) Whenever the Port Authority created hereunder has been authorized by the Common Council of the city to issue and sell revenue bonds for the purpose of obtaining funds with which to construct, purchase, lease, operate, maintain, or improve facilities included in the development plan or amendment thereof, the revenue bonds shall be issued in the name of the city, shall be executed by the Mayor and the Chairperson of the Board of Directors of the Port Authority and shall be attested to by the Clerk of the city.
(B) In authorizing revenue bonds and providing for the issuance and sale thereof, the Common Council shall, by chapter, consistent with pertinent statutes, provide all necessary details concerning the form and tenor of the revenue bonds, the amount thereof, the maturity dates, the provision for payment of principal and interest, and negotiability, and all other details, requirements, regulations, or specifications necessary to make the revenue bonds acceptable and legal instruments.
(C) The Common Council shall, in the aforesaid § 40.016, make provision for the expenditure of the funds derived from the sale of revenue bonds in accordance with the purposes for which the issuance and sale thereof was authorized. The Common Council shall further and specifically provide for the allocation of income and revenue of the Port Authority into the fund or funds as may be necessary to properly secure the accumulation of money in a separate account or accounts for use in the payment of principal interest of the revenue bonds as they become due and payable.
(Prior Code, § 44.17) (Ord. 0-99-0027, passed 12-20-1999)