CHAPTER 8.03: BONDS
Section
   8.03.010   Issuance of bonds
   8.03.020   Bonds not debt of city
   8.03.030   Bond terms
   8.03.040   Bond provisions
   8.03.050   Pledge of revenues, money or property lien
   8.03.060   No personal liability
   8.03.070   Purchase of bonds by city
   8.03.080   Actions by bondholders
   8.03.090   Refunding bonds
   8.03.100   Bond anticipation notes
   8.03.110   Validity of bonds
§ 8.03.010 ISSUANCE OF BONDS.
   The city is hereby authorized to issue bonds in an aggregate principal amount not to exceed $100,000,000 and to issue such bonds, from time to time, in such series and amounts as are determined by the Council to be necessary or appropriate to provide for the costs of facilities approved by the Council. Bonds shall be negotiable instruments for all purposes, subject only to the provisions of such bonds for registration.
('86 Code, § 8.03.010) (Ord. 3863, passed - - )
§ 8.03.020 BONDS NOT DEBT OF CITY.
   (A)   All of the bonds hereby authorized to be issued shall be limited obligations of the city payable from all or any specified part of the revenues and the moneys and assets authorized in this title to be pledged or assigned to secure payment of bonds. Such revenues, moneys or assets shall be the sole source of repayment of such issue of bonds. Bonds issued as authorized by this title shall not constitute a debt or liability of the city or a pledge of the faith and credit of the city but shall be payable solely from specified revenues, moneys and assets. The issuance of bonds shall not directly, indirectly, or contingently obligate the city to levy or pledge any form of taxa-tion or to make any appropriation for their payment.
   (B)   All bonds shall contain on the face thereof a statement to the following effect:
   Neither the faith and credit nor the taxing power of the City of Alhambra is pledged to the payment of the principal of or premium, if any, or interest on this bond.
('86 Code, § 8.03.020) (Ord. 3863, passed - - )
§ 8.03.030 BOND TERMS.
   Bonds shall be issued as serial bonds, term bonds, installment bonds or pass-through certificates or any combination thereof. The Mayor or City Manager shall determine the terms and timing of the issuance of particular bonds in accord with the resolution of the Council approving the particular facility to be financed thereby. Bonds shall bear such date or dates, mature at such time or times not to exceed 40 years, bear interest at such fixed or variable rate or rates approved by the participating party whose facility is being financed but not to exceed the maximum rate permitted by law, if any, be payable at such time or times, be in such denomina-tions, be in such form, either coupon or registered, carry such registration privileges, be executed in such manner, be payable in lawful money of the United States of America at such place or places, be subject to such terms of redemption and have such other terms and conditions as such resolution, or any indenture to be entered into by the city pursuant to such resolution, shall provide. Bonds shall be sold at either public or private sale and for such prices as the city shall determine.
('86 Code, § 8.03.030) (Ord. 3863, passed - - )
§ 8.03.040 BOND PROVISIONS.
   Any resolution relating to the issuance of any bonds, or any indenture to be entered into by the city pursuant to such resolution, may contain provisions respecting any of the following terms and conditions, which shall be a part of the contract with the holders of such bonds:
   (A)   The terms, conditions and form of such bonds and the interest and principal to be paid thereon;
   (B)   Limitations on the uses and purposes to which the proceeds of sale of such bonds may be applied, and the pledge or assignment of such proceeds to secure the payment of such bonds;
   (C)   Limitations on the issuance of additional parity bonds, the terms upon which additional parity bonds may be issued and secured, and refunding of outstanding bonds;
   (D)   The setting aside of reserves, sinking funds and other funds and the regulation and disposition thereof;
   (E)   The pledge or assignment of all or any part of the revenues and of any other moneys or assets legally available therefor (including loans, deeds of trust, mortgages, leases, subleases, sales agreements and other contracts and security interests) and the use and disposition of such revenues, moneys and assets, subject to such agreements with the holders of bonds as may then be outstanding;
   (F)   Limitation on the use of revenues for operating, administration or other expenses of the city;
   (G)   Specification of the acts or omissions to act which shall constitute a default in the duties of the city to holders of such bonds, and providing the rights and remedies of such holders in the event of default, including any limitations on the right of action by individual bondholders;
   (H)   The appointment of a corporate trustee to act on behalf of the city and the holders of its bonds, the pledge or assignment of loans, deeds of trust, mortgages, leases, subleases, sale contracts and any other contracts to such trustee, and the rights of such trustee;
   (I)   The procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of such bonds the holders of which must consent thereto, and the manner in which such consent may be given; and
   (J)   Any other provisions which the Council may deem reasonable and proper for the purposes of this title and the security of the bondholders.
('86 Code, § 8.03.040) (Ord. 3863, passed - - )
§ 8.03.050 PLEDGE OF REVENUES, MONEY OR PROPERTY LIEN.
   Any pledge of revenues or other moneys or assets as authorized by this title shall be valid and binding from the time such pledge is made. Revenues, moneys and assets so pledged and there-after received by the city shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the city, irrespective of whether such parties have notice thereof. Neither the resolu-tion nor any indenture by which a pledge is created need be filed or recorded except in the records of the city.
('86 Code, § 8.03.050) (Ord. 3863, passed - - )
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