Copyrighted by the City of Springdale & Municipal Code Corporation, 1998.

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Sec. 2-127. Powers.

(a) The Springdale Public Facilities Board is empowered, from time to time, to loan, acquire, construct, reconstruct, extend, equip, improve, sell, lease, and contract concerning residential housing facilities as shall be determined by the board to be necessary to provide decent, safe and sanitary residential housing facilities within or near the city.

(b) The Springdale Public Facilities Board shall have the power, and it shall be its duty, to exercise supervision and control over the acquisition of suitable industrial property. The Springdale Public Facilities Board shall have the power to construct, reconstruct, extend, equip, improve, operate, maintain, sell, lease, contract concerning or otherwise deal in or dispose of any lands, buildings or facilities of any and every nature that can be used in securing or developing industry for the benefit of the city and its citizens.

(c) The Springdale Public Facilities Board may enter into such contractual or cooperative agreements with such persons as may, in its discretion, be advisable to accomplish the purposes of this division, including without limitation, departments, agencies or instrumentalities of the United States of America, the State of Arkansas, or the city.

(d) The Springdale Public Facilities Board is authorized to issue revenue bonds, from time to time, and to use the proceeds, either along or together with other available funds and revenues, to accomplish the purposes for which the Springdale Public Facilities Board is created. Such revenue bonds shall be obligations only the Springdale Public Facilities Board and shall not constitute an indebtedness for which the faith and credit of the city or any of its revenues or pledges, and the principal and interest on the bonds shall be payable from and secured by a pledge of revenues derived from projects financed, in whole or in part, from bond proceeds together with such collateral as may properly be pledged as the Springdale Public Facilities Board in its discretion may determine.

(Ord. No. 3815, § 3, 1-10-06)

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