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1 <br /> A. General Obligation Bonds. Pursuant to Minnesota Statutes, Section <br /> 469.102, an Authority. may issue general obligation bonds with the <br /> approval and authorization of at least two-thirds of the city council. <br /> The bonds may be issued to secure funds to pay for acquired property <br /> or any other purpose stated in Sections 469.090 to 469.108. The <br /> bonds may be issued in anticipation of income from any source. <br /> B. Revenue Bonds. Pursuant to Minnesota Statutes, Section 469.103, an <br /> Authority may by resolution decide to issue its revenue bonds. The <br /> revenue bonds may be issued to: <br /> 1. Acquire land. <br /> 2. Purchase or construct facilities. <br /> 3. Purchase, construct, install or furnish capital equipment to <br /> operate a facility for economic development within a city. <br /> 4. To pay, extend, enlarge or improve a project under its control. <br /> 5. Establish an initial reserve to pay the principal and interest on <br /> the bonds. <br /> VI. Special Law Relating to Port Authorities. Pursuant to Minnesota Statutes, <br /> Section 469.108, if a city has established a port authority by special law and <br /> subsequently elects to use the powers granted in Sections 469.090 to <br /> 469.108, the powers and duties set forth in Sections 469.090 to 469.108. <br /> supercedes the special law and the special law relating to port authorities <br /> must not be used anymore. <br /> 6 <br />