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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.
Except for the provisions of Section 11.27.9 of this article, the provisions of this article are directory only and any failure to comply with the provisions thereof or any departure therefrom shall not affect the validity of any bonds issued thereunder or the indebtedness or obligation of the City created thereby.
SECTION HISTORY
Added by Ord. No. 167,351, Eff. 11-23-91.
If any portion of this article is declared illegal, invalid or unenforceable, then such portion or provision shall be deemed to be severable from this article. Such illegality, invalidity or unenforceability shall not affect the remainder hereof.
SECTION HISTORY
Added by Ord. No. 167,351, Eff. 11-23-91.
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