9-54 ECONOMIC DEVELOPMENT PROJECTS
ECONOMIC DEVELOPMENT PROJECTS
Purpose of chapter.
Power to issue bonds, acquire or construct projects and enter revenue agreements--Location of projects.
Power to issue revenue bonds, purchase or discharge debt of nonprofit corporation
operating health care or housing facility and enter revenue agreements--Location of
Restriction on use of bonds for elderly housing projects.
"Revenue bonds" defined.
"Revenue agreement" defined.
Costs to be covered by bonds--Authorization, issuance and sale of bonds.
Amount of bond issue limited by costs.
Bonds not general obligations nor payable by taxation--Recitals in bonds.
Mortgage of project and pledge of revenues to payment of bonds--Trust funds--Other
covenants and agreements.
Lease or sale payments sufficient to pay bonds and costs--Payments in lieu of
Lease with option to purchase--Title acquired before bonds retired--Pledge for
payment of bonds.
Municipal obligations restricted by contractual payments from facilities.
County and sanitary district powers.
Municipal joint or cooperative agreements.
Compliance with federal requirements for tax exemption.