(a) The City Council may borrow money in anticipation of the sale of Bonds which have been authorized pursuant hereto, but which have not been sold and delivered, issue negotiable bond anticipation notes therefor, and renew the notes from time to time.
(b) The principal of and interest on the notes may be paid from any money available for their payment. Any portion of the principal or interest which is due and payable shall be paid from the proceeds of the next sale of Bonds in anticipation of which the notes were issued or from other funds legally available therefor.
(c) The proceeds of notes issued pursuant to this section may be used for any purpose for which the Bonds in anticipation of which the notes were issued may be used.
(d) The notes shall not be issued in any amount in excess of the aggregate amount of Bonds which the City Council had authorized to be issued, less the amount of any Bonds of such authorized issue which have been previously sold and less the amount of other bond anticipation notes issued previously and outstanding at that time.
(e) The City Council may, in an Indenture pursuant to which the notes are issued, provide that the note shall be subject to call and redemption prior to maturity, at the option of the City, at such price or prices as may be fixed in such Indenture. Such Indenture shall fix the method of giving notice of redemption to the holders of notes to be redeemed and the price or prices at which the note shall be subject to redemption.
(f) The notes shall be issued and sold in the same manner as the Bonds.
(g) The Indenture pursuant to which the Bonds are issued may contain any provisions, conditions, or limitations which an Indenture executed and delivered by the City pursuant to which Bonds are issued may contain.
SECTION HISTORY
Added by Ord. No. 172,856, Eff. 11-8-99.