Whenever the Council deems it necessary for the City to issue bonds to pay or provide for the payment of a Judgment Obligation, it shall by resolution:
(a) State that it deems it necessary to incur the indebtedness and authorize the issuance of bonds.
(b) Specify the maximum amount of the debt to be incurred and the maximum amount of bonds to be issued.
(c) State the maximum term of the bonds to be issued, which term shall not exceed 15 years.
(d) Specify the maximum rate of interest which the bonds shall bear.
(e) Prescribe the form of the bonds.
(f) Fix a time and place for payment of the principal of and interest on the bonds.
(g) Prescribe such other terms relating to the bonds as the City deems necessary or proper.
SECTION HISTORY
Added by Ord. No. 167,351, Eff. 11-23-91.
Amended by: Ord. No. 171,915, Eff. 3-16-98; Subsec. (c), Ord. No. 180,882, Eff. 10-26-09.