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The city may, by resolution of the City Commission, issue obligations to refund any obligations issued pursuant to this chapter, or any other obligations of the city theretofore issued to finance the project cost of a local improvement, or the operating cost of an essential service, and provide for the rights of the holders hereof. Such refunding obligations may be issued in an amount sufficient to provide for the payment of the principal of redemption premium, if any, and interest on the outstanding obligations to be refunded. If the issuance of such refunding obligations results in an annual assessment that exceeds the estimated maximum annual assessments set forth in the notice provided pursuant to § 38.24, the City Commission shall provide notice to the affected property owners and conduct a public hearing in the manner required by §§ 38.20 et seq. or §§ 38.40 et seq.
(Ord. 1166, passed 6-2-05)