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The bonds shall be signed by the Mayor, or such other officer as the Council authorizes by resolution adopted by a majority vote of all its members, and by the Treasurer. They shall be countersigned by the City Clerk or a Deputy City Clerk. All signatures and countersignatures may be printed, lithographed or otherwise mechanically reproduced except that one signature must be signed manually. If any officer whose signature appears on the bonds ceases to be such officer before the delivery of the bonds, the officer’s signature shall be as effective as if the officer had remained in office.
SECTION HISTORY
Added by Ord. No. 167,351, Eff. 11-23-91.
Bonds issued under this article shall be unconditional obligations of the City, payable as to principal, premium (if any) and interest from all taxes, income, revenue, cash receipts and other legally available moneys of the City. From and after the date of issuance of any bonds under this article, there shall be appropriated from the General Fund of the City in each fiscal year a sum sufficient to pay the principal of, premium (if any) and interest on the bonds due and payable (whether by maturity, mandatory sinking fund redemption, tender for purchase or otherwise) in such fiscal year, together with an amount sufficient to pay liquidity or other credit enhancement costs relating to the bonds of such fiscal year (collectively, the “Annual Debt Service”). In each fiscal year, appropriate officials of the City shall perform each and every act necessary to ensure the budgeting, appropriation and payment of debt service on the bonds.
SECTION HISTORY
Added by Ord. No. 167,351, Eff. 11-23-91.
Amended by: Last Sentence, Ord. No. 180,882, Eff. 10-26-09.
Whenever any bonds issued under this article are sold and the proceeds are deposited into the City Treasury, the City Attorney shall have control over the expenditure of the bond proceeds, unless otherwise provided by the Council, and shall cause the bond proceeds to be expended to pay Judgment Obligations unless such amounts are used to reimburse the City for advances described in clause (ii) of Section 11.27, as hereinabove provided. The bond proceeds shall be expended in the same manner as provided in the Charter for the payment of other funds from the City Treasury, in accordance with applicable federal and state laws.
SECTION HISTORY
Added by Ord. No. 167,351, Eff. 11-23-91.
Amended by: Ord. No. 171,915, Eff. 3-16-98; Ord. No. 180,882, Eff. 10-26-09.
Bonds issued under this article shall be subject to the provisions of Division 11, Chapter 1, Article 8, Section 11.33 of this Code.
SECTION HISTORY
Added by Ord. No. 167,351, Eff. 11-23-91.
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