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<br />1 (2) with the prior approval of the city council of the City <br />2 of La Porte, borrow money from time to time for the purpose of cQrry- <br />3 ing out any of the powers granted to the authority by: <br />4 (a) issuing and selling negotiable or nonnegotiable notes and <br />5 providing the terms and conditions of these notes and the rights of <br />6 the holders of these notes payable from and secured by the sources <br />7 described in this Act; <br />8 (b) issuing and selling revenue bonds without the necessity of <br />9 an election and providing the terms and conditions of these bonds and <br />10 the rights of the holders of these bonds payable from and secured by <br />11 the sources described in this Act; and <br />12 (c) delivering such notes and bonds to the United States, or <br />13 any agency or instrumentality thereof, or to the State of Texas, or <br />14 any agency or instrumentality thereof, when it is determined by the <br />15 board of directors to be in the best interest to the authority. <br />16 (3) invest any money held in any sinking fund, reserve fund, <br />17 or other fund or any money not required for immediate use or dis- <br />18 bursement in the securities as provided in this Act; <br />19 (4) apply for, accept and administer grants, loans and other <br />20 assistance from the United States and any agency or instrumentality <br />21 of this state or any other state to carry out the purpose of this <br />22 Act, and to enter -into any agreement in relation to these grants, <br />23 loans or other assistance as may be provided by the authority which <br />24 is not in conflict with the constitution of this state; and <br />25 (5) fix, charge, alter and collect reasonable rentals, rates, <br />26 fees and other charges for the use of any facilities or for any <br />27 services rendered by the authority and provide for the imposition of <br /> <br />15 <br />