A. The city of Palmer, Alaska, is a home rule city and under Section 11 of Article X of the Alaska Constitution may exercise all legislative powers not prohibited by law or by the Charter of the city, and it has been determined that the matters set forth in this chapter are not prohibited by law or the Charter.

B. It is necessary and for the best interests of the city to provide employment opportunities and to encourage the economic development of the city, thereby reducing the evils attendant upon unemployment and furthering the welfare and prosperity of the residents of the city.

C. The issuance of revenue bonds to finance in whole or in part the costs of the acquisition, purchase, construction, reconstruction, improvements, equipping, betterment, extension, addition, repair, alteration, rehabilitation, renovation or enlargement of economic development facilities as aforesaid is a public purpose and is a proper exercise of governmental function of the city.

D. The establishment of procedures for the issuance of such revenue bonds is authorized by the Charter including, but not limited to, Chapter XI, and is necessary and desirable to provide clarity in law and direction for subsequent actions. (Ord. 337 § 3, 1986)