§ 36.14 EXERCISE OF POWERS.

   (A)   The exercise of all powers granted by §§ 36.10 through 36.22 shall be authorized, and the bonds shall be authorized by the bond ordinance which may be adopted at the same meeting at which it is introduced and shall take effect immediately upon adoption.

   (B)   The bond ordinance shall set the interest rates; times payable; series; maturity dates, not exceeding 40 years from the date of the bond; registration privileges; redemption rights; terms of execution; and shall contain terms, covenants, and conditions. The bonds may be either registered or in coupon form. The bonds may be sold at public or private sale in the manner and on the terms deemed advisable by the city council. The bonds shall be deemed to be securities and negotiable instruments within the meaning of the "Uniform Commercial Code."

(Ord. 6550, passed 1-31-78)