In addition to any statutory powers which it may now have, the Village shall have the power pursuant to this chapter:
(A) To construct, acquire by gift, lease or purchase, reconstruct, improve, better or extend, or to finance the construction, acquisition, reconstruction, improvement, betterment or extension of any industrial project within or without the Village, or partially within or partially without the Village, but in no event further than ten (10) miles from the territorial boundaries of the Village and, if deemed by the Village to be desirable, to acquire by gift, lease or purchase, lands or rights in land in connection with any project.
(B) To issue its bonds to defray in whole or in part the project costs of any project which bonds shall be issued pursuant to a bond ordinance authorizing the same.
(C) To pledge to the punctual payment of bonds authorized under this chapter, the interest thereon and the redemption premiums, if any, the revenue and receipts to be received pursuant to any revenue agreement provisions.
(D) To mortgage or grant a security interest in any project in favor of the holder or holders of bonds issued therefor.
(E) To issue its bonds to refund, in whole or in part, bonds theretofore issued by the Village under the authority of this chapter.
(F) To assign and pledge to the holders of any bonds or the bond trustee all or any part of the Village's interest in and rights under a revenue agreement relating to any project.
(G) To rent, lease, sell or enter into any type of other agreement with any user, or to loan the proceeds of its bonds to any user in such manner that rents or other payments to be derived with respect to any project are fixed and revised from time to time so as to produce income and revenue sufficient to provide for the prompt payment of principal, interest, redemption premiums and all other costs of such bonds issued pursuant to this chapter, 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 project and for an adequate depreciation account in connection therewith so that such bonds will never constitute an indebtedness of the Village or a loan of its credit within the meaning of any constitutional or statutory provision.
(H) To sell and convey any project, including without limitation, the sale and conveyance thereof, subject to a mortgage or security interest, if any, as provided in this chapter, for such price and at such time as the Village may determine; provided, however, no sale or conveyance of any project shall ever be made in such manner as to impair the rights or interests of the holder or holders of any bonds issued to finance the project costs of such project.
The Village shall be exempt from the imposition and collection of taxes with respect to property acquired by the Village pursuant to the provisions of this chapter while such property is owned by the Village, but the user of such property shall be subject to taxation as if the user were the owner of such property. (Ord. 85-O-27, 7-8-1985)