3.76.120 Professional services.

   The city may employ such engineering, architectural, financial, accounting, legal or other services as may be necessary in the judgment of the city for the purposes of this chapter.

(Ord. 1584 §l (part))

3.76.130 Additional powers.

   In addition to all other powers specifically granted by this chapter, the city may do all things necessary or convenient to carry out the purposes of this chapter.

(Ord. 1584 §l (part))

3.76.140 Issuance of bonds; bonds not debt of city.

   A.   The city may, from time to time, issue bonds for any of the purposes specified in Sections 3.76.030, 3.76.040, and 3.76.050. Bonds shall be negotiable instruments for all purposes, subject only to the provisions of such bonds for registration.

   B.   Every issue of bonds shall be a limited obligation of the city payable from all or any specified part of the revenues and the moneys and assets authorized in this chapter to be pledged or assigned to secure payment of bonds. Such revenues, moneys or assets shall be the sole source of repayment of such issue of bonds. Bonds issued under the provisions of this chapter shall not be deemed to constitute a debt or liability of the city or a pledge of the faith and credit of the city but shall be payable solely from specified revenues, moneys and assets. The issuance of bonds shall not directly, indirectly, or contingently obligate the city to levy or pledge any form of taxation or to make any appropriation for their payment.

      All bonds shall contain on the face thereof a statement to the following effect:

         Neither the faith and credit nor the taxing power of the city is pledged to the payment of the principal of or premium. if any or interest on this bond.

(Ord. 1584 §1 (part))

3.76.150 Costs of issuance.

   In determining the amount of bonds to be issued, the city may include all costs of the issuance of such bonds (including insurance premiums), reserve funds, and capitalized bond interest.

(Ord. 1584 §1 (part))

3.76.160 Resolution; bond provisions.

   Bonds may be issued as serial bonds, term bonds, installment bonds or pass-through certificates or any combination thereof. Bonds shall be authorized by resolution of the 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 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 authorized by such resolution to be entered into by the city may provide. Bonds may be sold at either a public or private sale and for such prices as the city shall determine.

(Ord. 1584 §1 (part))

3.76.170 Bond provisions.

   Any resolution authorizing any bonds or any issue of bonds, or any indenture authorized by such resolution to be entered into by the city 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 bonds, the terms upon which additional bonds may be issued and secured, and the refunding of outstanding bonds;

   D.   The setting aside of reserves and sinking funds and such other funds as are necessary or appropriate 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 thereof, subject to such agreements with the holders of bonds as may then be outstanding;

   F.   Limitation on the use of revenues for expenditures 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, sales agreements, and any other contracts or security interests 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 chapter and the security of the bondholders.

(Ord. 1584 §1 (part))

3.76.180 Pledge of revenues, money or property; lien.

   Any pledge of revenues or other moneys or assets pursuant to the provisions of this chapter shall be valid and binding from the time such pledge is made. Revenues, moneys and assets so pledged and thereafter 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 resolution nor any indenture by which a pledge is created need be filed or recorded except in the records of the city.

(Ord. 1584 §1 (part))