Sec. 10-7. Sale or lease of project by city.

The city is authorized to acquire, construction, enlarge, remodel, renovate, alter, improve, furnish, equip and lease as lessee, with the proceeds of bonds, projects solely for the purpose of selling or leasing as lessor such project to a participant, and is further authorized to make any contracts for such purposes. The city is also authorized to contract with such participant to undertake on behalf of the city to construct, enlarge, remodel, renovate, alter, improve, furnish and equip such project. The city is authorized to sell or lease to a participant, upon such terms and conditions as the city shall deem proper any project owned by the city under this division, including a project conveyed to the city in connection with a financing authorized by this division but not being financed hereunder. (Ord. No. 1841 (NCS), § 1.)