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2007 Vetoed Bills and Messages
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H.B. 1365
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THE MUNICIPALITY, TO THE EXTENT IT DETERMINES TO BE FEASIBLE IN
CARRYING OUT THE PROVISIONS OF THIS APPENDIX, SHALL AFFORD MAXIMUM
OPPORTUNITY TO THE REHABILITATION OR REDEVELOPMENT OF ANY URBAN
RENEWAL AREA BY PRIVATE ENTERPRISE CONSISTENT WITH THE SOUND NEEDS
OF THE MUNICIPALITY AS A WHOLE. THE MUNICIPALITY SHALL GIVE
CONSIDERATION TO THIS OBJECTIVE IN EXERCISING ITS POWERS UNDER THIS
APPENDIX.
A1-111. GENERAL OBLIGATION BONDS.
FOR THE PURPOSE OF FINANCING AND CARRYING OUT AN URBAN
RENEWAL PROJECT AND RELATED ACTIVITIES, THE MUNICIPALITY MAY ISSUE
AND SELL ITS GENERAL OBLIGATION BONDS. ANY BONDS ISSUED BY THE
MUNICIPALITY PURSUANT TO THIS SECTION SHALL BE ISSUED IN THE MANNER
AND WITHIN THE LIMITATIONS PRESCRIBED BY APPLICABLE LAW FOR THE
ISSUANCE AND AUTHORIZATION OF GENERAL OBLIGATION BONDS BY THE
MUNICIPALITY, AND ALSO WITHIN LIMITATIONS DETERMINED BY THE
MUNICIPALITY.
A1-112. REVENUE BONDS.
(A) IN ADDITION TO THE AUTHORITY CONFERRED BY SECTION A1-111
OF THIS APPENDIX, THE MUNICIPALITY MAY ISSUE REVENUE BONDS TO
FINANCE THE UNDERTAKING OF ANY URBAN RENEWAL PROJECT AND RELATED
ACTIVITIES. ALSO, IT MAY ISSUE REFUNDING BONDS FOR THE PAYMENT OR
RETIREMENT OF THE BONDS ISSUED PREVIOUSLY BY IT. THE BONDS SHALL BE
MADE PAYABLE, AS TO BOTH PRINCIPAL AND INTEREST, SOLELY FROM THE
INCOME, PROCEEDS, REVENUES, AND FUNDS OF THE MUNICIPALITY DERIVED
FROM OR HELD IN CONNECTION WITH THE UNDERTAKING AND CARRYING OUT
OF URBAN RENEWAL PROJECTS UNDER THIS APPENDIX. HOWEVER, PAYMENT
OF THE BONDS, BOTH AS TO PRINCIPAL AND INTEREST, MAY BE FURTHER
SECURED BY A PLEDGE OF ANY LOAN, GRANT, OR CONTRIBUTION FROM THE
FEDERAL GOVERNMENT OR OTHER SOURCE, IN AID OF ANY URBAN RENEWAL
PROJECTS OF THE MUNICIPALITY UNDER THIS APPENDIX, AND BY A MORTGAGE
OF ANY URBAN RENEWAL PROJECT, OR ANY PART OF A PROJECT, TITLE TO
WHICH IS IN THE MUNICIPALITY. IN ADDITION, THE MUNICIPALITY MAY ENTER
INTO AN INDENTURE OF TRUST WITH ANY PRIVATE BANKING INSTITUTION OF
THIS STATE HAVING TRUST POWERS AND MAY MAKE IN THE INDENTURE OF
TRUST COVENANTS AND COMMITMENTS REQUIRED BY ANY PURCHASER FOR
THE ADEQUATE SECURITY OF THE BONDS.
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- 4866 -
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