That thereupon the governing body may adopt a Bond Resolution, which shall:
(a) Authorize the issuance of bonds of the City designated as "Parking Improvement Assessment Bonds," and shall in addition identify the improvement by names of streets, number, or otherwise;
(b) Determine the principal amount of the bonds and the interest rate thereon;
(c) Establish the denominations and maturity dates of the bonds, which shall be serial maturities not to exceed 30 years from date of issue;
(d) Provide that benefited properties shall be subject to annual improvement assessments based on their respective assessed values as determined for purposes of municipal property taxation or as provided by this Act (Article), the total of such annual improvement assessments to be sufficient to pay the principal and interest due each year on the bonds, and in the first year an additional sum equal to 20 per cent of average annual principal and interest requirements which shall constitute a "debt service reserve" as a precaution against possible default by reason of failures in the collection of the annual improvement assessments;
(e) Covenant with the holders of said bonds and interest coupons that until the payment in full thereof the municipality will make and collect annual improvement assessments upon the benefited properties, as provided in this Act (Article);
(f) Covenant with the holders of said bonds and interest coupons that, until payment in full thereof, the municipality will pursue and exhaust at its expense all remedies available to the municipality for the benefit and protection of the bondholders, including enforcement to judgment and decretal sale of the liens upon benefited properties, as provided in this Act (Article);
(g) Designate one or more places of payment of principal and interest, within or without the State;
(h) Specify such provisions for redemption and payment prior to stated maturities, and the terms thereof, with or without premium, as the governing body may deem to be desirable;
(i) Provide for payment by the municipality of any and all reasonable customary charges for the services of paying agents, to the end that holders of the bonds and coupons will receive the sums therein stipulated, without deductions for such charges;
(j) Covenant with the holders of bonds and interest coupons that the municipality will levy whatever taxes may be required to pay the principal and interest on the bonds if collections of improvement assessments are inadequate to meet such obligations, if the governing body decides that such additional security is desirable. [As added by Priv. Acts 1970, ch. 276, § 6]