3.72.030 Powers.

   The city is authorized and empowered:

   A.   To determine the location and character of any project to be financed under the provisions of this ordinance, and to finance such projects by making or purchasing loans to participating parties therefor;

   B.   To issue bonds for the purpose of financing or otherwise assisting the acquisition of projects authorized by this ordinance and for the purpose of funding or refunding bonds;

   C.   To fix fees, charges and interest rates for financing any project, and to revise such fees, charges and interest rates from time to time, and to collect interest and principal on any loan made to a participating party together with such fees and charges incurred in such financing, and to contract with any person, partnership, association, corporation or public agency with respect thereto;

   D.   To hold deeds of trust as security for financing any project and to pledge the same as security for repayment of bonds issued therefor;

   E.   To establish the terms and conditions for the financing of any project undertaken pursuant to this ordinance;

   F.   To require that the full amount owed on any loan for the financing of a project pursuant to this ordinance shall be due and payable upon sale or other transfer of ownership of such project;

   G.   To acquire, by deed, purchase, lease, contract, gift, device, or otherwise, any real or personal property, structures, rights, rights-of-way, franchises, easements, mortgages and other interests in property located within the state necessary or convenient for the financing or acquisition of a project, upon such terms and conditions as it deems advisable, and to lease, sell or dispose of the same in such manner as may be necessary or desirable to carry out the objects and purposes of this ordinance. Notwithstanding the foregoing, nothing in this ordinance is intended or shall be construed in any way to authorize any exercise of the power of eminent domain with respect to any project;

   H.   To employ or contract for such engineering, architectural, accounting, collection, economic feasibility, or other services in connection with the servicing of loans made to participating parties, as may be necessary in the judgment of the city council for the successful financing of a project. The city may pay the reasonable costs of consulting engineers, architects, accountants, construction experts, and economic feasibility experts, if, in the judgment of the city council, such services are necessary to the successful financing of a project and if the city is not able to provide such services. The city may employ, contract for, and fix the compensation of financing consultants, bond counsel, and other advisers as may be necessary in its judgment to provide for the issuance and sale of bonds;

   I.   In addition to all other powers specifically granted in this ordinance, to do all things necessary or convenient to carry out the purposes of this ordinance.

(Ord. 1423 (part))

3.72.040 Non-operation.

   The city shall not have the power to operate any project as a business. The city shall take no more action with respect to any project than is necessary to promote the public interests of the city.

(Ord. 1423 (part))

3.72.050 Applications for financing.

   Participating parties may apply for financing pursuant to this ordinance by contacting the city manager or other officer or employee of the city designated by the city manager. Each applicant shall supply to the satisfaction of the city manager or such officer or employee all information required to evaluate the financial reliability and stability of the participating party and the feasibility of the proposed project including an estimate of the maximum amount of financing to be required, a description or itemization of the costs of the proposed project, and a written agreement to pay all administrative expenses for the proposed project.

(Ord. 1423 (part))

3.72.060 Acceptance of applications.

   Upon receipt of an application containing all required information, agreements and undertakings, the city council shall at such time as is deemed convenient by it review such application and any staff recommendations with respect thereto. If the city council chooses to approve any application for financing under this ordinance, it shall adopt a resolution accepting and approving such application and the participation of the city in the financing of such project, subject to the provisions of this ordinance and the conclusion of all proceedings undertaken to consummate such financing to the satisfaction of the city.

(Ord. 1423 (part))

3.72.070 Authorization.

   The city may issue its bonds for the purpose of financing or otherwise assisting the acquisition of projects authorized by this ordinance. Every issue of bonds shall be a special obligation of the city, payable solely from all or any part of the revenues of projects.

(Ord. 1423 (part))

3.72.080 Issuance of bonds.

   The 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 authorized by resolution of the city council and shall bear such date or dates, mature at such time or times, 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, 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, and be subject to such terms of redemption as the resolution or resolutions of the city council may provide. The bonds may be sold at either a public or private sale and for such prices as the city council shall determine. Pending preparation of the definitive bonds, the city may issue interim receipts, certificates, or temporary bonds which shall be exchanged for such definitive bonds.

(Ord. l493 (part))

3.72.090 Terms of bonds.

   Any resolution or resolutions authorizing any bonds or any issue of bonds may contain provisions respecting any of the following terms and conditions, which shall be a part of the contract with the holders of the bonds:

   A.   The pledge of all or any part of the revenues subject to such agreements with bondholders as may then exist;

   B.   The interest and principal to be received and other charges to be charged and the amounts to be raised each year thereby, and the use and disposition of the revenues;

   C.   The setting aside of reserves or sinking funds and the regulation and disposition thereof;

   D.   Limitations on the purposes to which the proceeds of a sale of any issue of bonds, then or thereafter issued, may be applied, and pledging such proceeds to secure the payment of the bonds or any issue of bonds;

   E.   Limitations on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured, and the refunding of outstanding bonds;

   F.   The procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which must consent thereto, and the manner in which such consent may be given

   G.   Specification of the acts or omissions to act which shall constitute a default in the duties of the city to holders of its obligations, and providing the rights and remedies of such holders in the event of default;

   H.   The mortgaging of land, improvements, or other assets owned by a participating party for the purpose of securing the bondholders;

   I.   Such other terms and conditions pertaining to the issuance of the bonds as are deemed advisable by the city council.

(Ord. 1423 (part))

3.72.100 Trust agreement.

   In the discretion of the city council, any bonds issued under the provisions of this ordinance may be secured by a trust agreement 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. Such trust agreement or the resolution providing for the issuance of such bonds may pledge or assign the revenues to be received or proceeds of any contract or contracts pledged, and may convey or mortgage any property. Such trust agreement or resolution providing for the issuance of bonds may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including such provisions as may be included in any resolution or resolutions of the city council authorizing the issuance of bonds pursuant to Section 3.72.090 of this chapter. Any bank or trust company doing business under the laws of the state which may act as depository of the proceeds of bonds or of revenues or other moneys may furnish such indemnity bonds or pledge such securities as may be required by the city. Any such trust agreement may set forth 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 foregoing, any such trust agreement or resolution may contain such other provisions as the city council may deem reasonable and proper for the security of the bondholders.

(Ord. 1423 (part))