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Bonds may be issued as serial bonds or as term bonds or the City Council, in its discretion, may issue bonds of both types. The bonds shall be issued pursuant to resolution of the City Council and shall bear such date or dates, mature at such time or times, be divided into two or more series (which bonds of one series may be made payable at different times from those of any other series), bear interest at such fixed or variable rate or rates, be payable at such time or times, be in such denominations, be in such form, 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 contain such other terms and conditions, as the resolution or resolutions of the City Council may provide. The bonds may be sold at either public or private sale and for such prices as the City Council shall determine. Pending preparation of definitive bonds, the City may issue interim receipts, certificates or temporary bonds which shall be exchanged for such definitive bonds.
In the discretion of the City Council, any bonds issued under the provisions of this chapter may be secured by a trust agreement or indenture by and between the City and a corporate trustee or trustees, which may be any trust company or bank having the powers of a trust company within or without the State of California. Such trust agreement or indenture, unless otherwise provided in the resolution providing for the issuance of bonds, may contain such provisions for protecting and enforcing the rights and remedies of the bondholders and of the trustee or trustees and may restrict the individual right of action by bondholders. In addition to the forgoing, any such trust agreement or indenture, unless otherwise provided in the resolution providing for the issuance of bonds, may contain such other provisions as the City Council may deem reasonable and proper for the security on the bondholders. (Ord. 4741 § 1 (part); July 29, 1986.)