Loading...
§ 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 - - )
§ 8.03.060 NO PERSONAL LIABILITY.
   Neither the members of the Council, the officers or employees of the city, nor any person executing any bonds shall be liable personally on the bonds or be subject to any personal liability or accountability by reason of the issuance thereof.
('86 Code, § 8.03.060) (Ord. 3863, passed - - )
§ 8.03.070 PURCHASE OF BONDS BY CITY.
   The city shall have the power out of any funds available therefor to purchase its bonds. The city may hold, pledge, cancel, or resell such bonds, subject to and in accordance with agreements with the bond-holders.
('86 Code, § 8.03.070) (Ord. 3863, passed - - )
Loading...