|
approved by resolution of the City Council adopted prior to the date of adoption of this
<br />Ordinance. The City Council will not be obligated under any circumstances to approve any
<br />application subu,itted for its review.
<br />Section ? · Authorization of Bonds. The City may issue its Bonds for the purpose of
<br />financing or otherwise assist-ins the Acquisition of Projects au, t,horiz, e~l, b? this ,,Ordinance. Ea.. c~
<br />issue of Bonds shall be a special obligation of the City, payable sorely from au or any par~ o
<br />the Revenues of the Project financed with the proceeds of such Bonds pursuant hereto. .
<br />
<br /> Section 8. ~- The Bonds may be issued as serial Bonds or as term
<br />Bonds, or the City Council, in its discretion, may issue Bonds of both types. The Bonds shall be
<br />authorized by resolution of the City Council and shall bear such date or dates, mature at such
<br />time or times, bear interest at such.fixed or variable rate or ra.tes, ~ pay.ab? at s,uch
<br />times, be in such denominati.ons, be m such form, carry .s~. ch regmtra,tio, n pn.vueg.es, I~. e ,ecu r
<br />in such manner, be payable m lawful money of the United States o! America, at SUCh place o
<br />places, ired be sub~,ct to such terms of redemption as the resolution or resolutions of the City
<br />Council may provide. The Bonds ma.y be~sold,.at either a ?.ublic, .o~r p~rlf~v_._a?.~ __s~e_a_n~d~
<br />prices as the City Council shall determine, t'enomg preparauon ut me uemuuve ~o~m~,
<br />may issue interim receipts, certificates, or temporary Bonds, which shall be exchanged for such
<br />deffmitive Bonds.
<br /> Section 9. T ~ o__~_~_S_~_~. Any resolution or resolutions authorizing any Bond~ or any
<br /> of Bonds may contain prov io ... p? any, !?w g t ms and condition,
<br /> which shall be a part of the contract w~th tl~e nodders o~ me ~onns.
<br /> all or any part of the Revenues, subject to such agreements with
<br /> A. The pledge of
<br /> Bondholders as may then exisL
<br />
<br /> B. The interest and principal to be received and other charges to be charged and the
<br /> amounts to be raised each year thereby, and the use and disposition of the Revenues.
<br /> C. The setting aside of reserves or sinking funds and the regulation and disposition
<br /> thereof.
<br /> D. Limitations on the purposes to which the proceeds of a sale of any issue of Bonds,
<br /> then or thereafter issued, may be applied, and pledging such proceeds to secure the payment of
<br /> the Bonds or any issue of Bonds.
<br /> E. Limitations on the issuance of additional Bonds, the terms upon which additional
<br /> Bonds may be issued and secured, and the refunding of outstanding Bonds.
<br /> F. The l~:~d _u~, if any, by which the terms of any contract with Bondholders may be
<br /> amended or al~il~i, the amount of Bonds the holders of which must consent thereto, and the
<br /> mariner in whtcls such mns~R may be give~
<br /> G. Specification of the acts or omissions to act which shall constitute a default in the
<br /> duties of the City to holders of its obligations, and providing the rights and remedies of such
<br /> holders in the event of default.
<br /> H. The mortgaging of land, improvements, or other assets owned by a Participating
<br /> Party for the purpose of securing the Bondholders.
<br /> I. Such other terms and conditions pertaining to the issuance of the Bonds as are deemed
<br /> advisable by the City Council.
<br />
<br />
<br />
|