99.480. Bonds--authority to issue--how paid.
Bonds--authority to issue--how paid.
99.480. 1. An authority shall have power to issue bondsfrom time to time in its discretion for any of its corporatepurposes including the payment of principal and interest upon anyadvances for surveys and plans for land clearance projects.
2. An authority shall also have power to issue refundingbonds for the purpose of paying or retiring or in exchange forbonds previously issued by it.
3. An authority may issue such types of bonds as it maydetermine, including (without limiting the generality of theforegoing) bonds on which the principal and interest are payable:
(1) Exclusively from the income, proceeds, and revenues ofthe land clearance project financed with the proceeds of suchbonds; or
(2) Exclusively from the income, proceeds, and revenues ofany of its land clearance projects whether or not they arefinanced in whole or in part with the proceeds of such bonds.
4. Provided that any such bonds may be additionally securedby a pledge of any loan, grant or contributions, or partsthereof, from the federal government or other source, or amortgage of any land clearance project or projects of theauthority.
(L. 1951 p. 300 § 10)