Pursuant to and in accordance with the provisions of this Ordinance and the provisions of Minnesota Statutes, Sections 469.060 and 469.082 and Chapter 475, the issuance of general obligation bonds by the City, in one or more series, in fully registered form, and in the aggregate principal amount not to exceed $27,000,000 (the "Bonds"), for the purpose of providing funds to assist in financing the Project, together with such costs of issuance and related costs as may be incidental to the issuance of the Bonds is hereby authorized and found to be proper. The Bonds shall be issued and sold by the City in the exercise of its port authority powers for the purpose of financing the Project. The City Council hereby gives specific consent to the pledge of the City's full faith, credit, and resources to the payment and security of the Bonds and authorizes the levy of taxes for the payment of the Bonds. The issuance of the Bonds shall be further subject to the consent and approval of the City Council by resolution as to the form, content, and specific details of the Bonds and their rate or rates of interest.
(Ord. 1419, 10-24-2011)