The note, or notes, shall be of the form and content as provided in the basic agreement, be dated as of the date of their execution and delivery, shall be expressed to mature on a definite payment date, which date shall not exceed five years from the date of the note, and interest thereon at the rates of interest therein agreed upon shall be payable at the times and places as set forth in the ordinance. The notes shall be payable by the city and without notice to the holder at any time before maturity and at any financial institution which shall be designated by the city comptroller. The note, or notes, to be issued shall be made payable in the manner as provided in the basic agreement and shall contain such terms and conditions as shall be provided in such basic agreement. Such basic agreement may provide that such notes are a direct and general obligation of the city payable from the proceeds of taxes to be duly levied on all taxable property within the city, from the net revenues of the system, the proceeds to be received from the sale of bonds or other obligations of the city whether payable from the net revenues of the system or otherwise, or from any other moneys legally available for such purpose.
The city and the holder, or holders, of the note, or notes, may mutually agree that the time of payment of any note, or notes, may be extended for a period of not to exceed two years beyond its stated maturity date, and evidence of such extension shall be noted on the face of such note so extended, together with the signatures of the mayor and city comptroller, and to be attested by the city clerk, and also to be signed by an authorized representative of the other parties to the basic agreement.
(Prior code § 7-101)