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))

3.72.110 Personal liability.

   Neither the members of the city council nor any person executing the bonds shall be liable personally on the bonds or be subject to any personal liability or accountability by reason of the issuance thereof.

(Ord. 1423 (part))

3.72.120 Refunding bonds.

   The city council may provide for the issuance of bonds any portion of which is to be used for the purpose of refunding outstanding bonds, including the payment of the principal thereof and interest and redemption premiums, if any, thereon. The proceeds of bonds issued to refund any outstanding bonds may, in the discretion of the city council, be applied to the retirement of such outstanding bonds at maturity, or the redemption (on any redemption date) or purchase of such outstanding bonds prior to maturity, upon such terms and subject to such conditions as the city council shall deem advisable.

(Ord. 1423 (part))