§ 36.40 ISSUANCE; DETERMINATION OF AMOUNT.

   (A)   Issuance.

      (1)   The city may, from time to time, issue bonds for any of the purposes specified in §§ 36.20 through 36.21 of this chapter. Bonds shall be negotiable instruments for all purposes, subject only to the provisions of such bonds for registration.

      (2)   (a)   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.

         (b)   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 or interest on this bond.

('63 Code, § 2-8.301)

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

('63 Code, § 2-8.302)

(Ord. 318-C.S., passed 2-5-80)