(A) Upon adoption of the final local improvement assessment resolution or final essential service assessment resolution imposing assessments to fund, respectively, a local improvement or an essential service, or at any time thereafter, the City Commission shall have the power and is hereby authorized to provide by resolution, at one time or from time to time in series, for the issuance of obligations to fund the project cost or operating cost thereof.
(B) The principal of and interest on each series of obligations shall be payable from pledged revenue. At the option of the City Commission, the city may agree, by resolution, to budget and appropriate funds to make up any deficiency in the reserve account established for the obligations or in the payment of the obligations, from other non-ad valorem revenue sources. The City Commission may also provide, by resolution, for a pledge of or lien upon proceeds of such non-ad valorem revenue sources for the benefit of the holders of the obligations. Any such resolution shall determine the nature and extent of any pledge of or lien upon proceeds of such non-ad valorem revenue sources.
(Ord. 1166, passed 6-2-05)