The City Council of the City of Johnstown hereby authorizes the appropriate officers of the City to enter into any intergovernmental cooperation agreements with other taxing bodies participating in the Kernville District and with the Authority and to enter into any and all other agreements with the Authority, the participating taxing bodies or private developers to provide any form of financial security, collateral, guarantees or assurances toward payment of project costs as such agreements may be deemed necessary by the Authority in consultation with the City. Notwithstanding the foregoing, the City shall not pledge its full faith and credit toward any payment of project costs or toward any bonds or notes which may be issued with respect to project costs attributable to the District. The City may pledge or assign other sources of revenues as security for the payment of project costs in accordance with provisions of the Act.
(Ord. 4581. Passed 6-12-91.)