(A) In addition to powers which it may now have, the municipality shall have the power, under this subchapter, to:
(1) Construct, acquire by gift, purchase or lease, reconstruct, improve, better or extend and finance one or more projects, whether or not now or hereafter in existence, within or without the municipality or partially within or partially without the municipality, but in no event further than ten miles from the territorial boundaries of the municipality, and, if desirable, acquire by gift, purchase or lease lands or rights in land in connection with any project;
(2) Issue its revenue bonds to defray in whole or in part the project costs of any project and designate an appropriate name for the bonds;
(3) Rent, lease or sell any project to any person in a manner that payments to be received with respect to the project shall produce revenues and receipts sufficient to provide for the prompt payment at maturity of principal, interest and redemption premiums, if any, upon all bonds issued to finance the cost of the project;
(4) Pledge to the punctual payment of bonds authorized under this subchapter, the interest thereon, and the redemption premiums, if any, the revenues and receipts to be received from the project;
(5) Mortgage the project in favor of holders of bonds issued therefor;
(6) Sell and convey the project, including, without limitation, the sale and conveyance thereof subject to a mortgage, if any, as provided in this subchapter, for a price as Council may determine. However, no sale or conveyance of the project shall ever be made in a manner as to impair the rights or interests of the holders of bonds issued to finance the project costs of the project;
(7) Issue its bonds to refund, in whole or in part, bonds theretofore issued by the municipality under authority of this subchapter; and
(8) Enter into a loan agreement in lieu of any lease agreement with any person and accept a note and/or a mortgage as evidence of any security for the person’s obligation to repay the proceeds of revenue bonds, and pledge the note and/or mortgage for the benefit of the holders of bonds.
(B) Property acquired by the municipality pursuant to this subchapter shall be exempt from the imposition and collection of taxes thereon while owned by the municipality, but the use of the property is subject to taxation to be paid by the lessee or occupant as provided in § 26 of the Revenue Act of 1939, filed May 17, 1939, as amended.
(2000 Code, § 3.12.030)