An Economic Development Authority may decide by resolution to issue revenue bonds either at one time or in series. The revenue bonds may be issued to provide money to acquire land, purchase or construct facilities, purchase, install, construct or furnish capital equipment to operate a facility for economic development or to pay to enlarge or improve a project under its control. The issued bonds may include the amount the Authority considers necessary to establish an initial reserve to pay principal and interest in the bonds. The Authority shall state in a resolution how the bonds, with interest, are to be executed.
(Res. 17-89, passed 4-26-89)