(A) The bond ordinance shall indicate the amount of money to be borrowed and the amount of bonds to be issued and shall fix the details of the bonds, including the date, number, denomination, and maturity, which shall not exceed 40 years from the date of the bonds, terms of redemption with or without premium if redeemable prior to maturity, and the rate or rates of interest. The bonds shall be sold at the time and manner determined by the council.
(B) A contract for the sale of bonds may be entered into prior to the adoption of the bond ordinance or the bond ordinance may provide for the subsequent sale of the bonds. In the event of the subsequent sale, if bonds are sold bearing interest at a rate or rates less than the maximum rate authorized, prior to the delivery of the bonds the taxes levied in the bond ordinance shall be abated by that amount representing the savings resulting from the sale of such bonds at a lower rate of interest than authorized in the bond ordinance.
(Ord. 6379, passed 9-28-76)