3-159. Same; resolution pledging revenues; resolution stating purpose and amount of bonds; redemption prior to maturity; publication of resolutions.
3-159
3-159. Same; resolution pledging revenues; resolution stating purpose
and amount of bonds; redemption prior to maturity; publication of
resolutions.
Before any such revenue bonds may be issued, the issuing municipality
shall provide by resolution that the income of the special facility
(exclusive of land rental) be pledged for the payment of bonds issued
hereunder. A resolution shall be adopted by the municipality stating the
purpose for which such bonds are to be issued and the total amount of the
bonds proposed to be issued, along with a finding by the municipality that
revenues pledged will be sufficient to retire the special facilities
revenue bonds issued hereunder and may contain such provision for prior
redemption as may be agreed upon with the holders of said bonds. Such
resolution and finding by the municipality shall be published once each
week for three consecutive weeks in the official newspaper of the
municipality.
History: L. 1974, ch. 6, § 7; July 1.