Whenever the Council deems it necessary for the City to incur a bonded indebtedness under this article to fund or refund all or any portion of the acquisition of equipment and/or facilities payable from the Sanitation Equipment Charge Special Revenue Fund, it shall adopt a resolution which resolution shall, at a minimum:
(a) State that the Council deems it necessary to incur the bonded indebtedness and authorizes the issuance of Bonds.
(b) Specify the amount of the debt to be incurred.
(c) State the maximum term of the Bonds to be issued, which term shall not exceed 30 years.
(d) Specify the maximum rate of interest which the Bonds shall bear, which interest may be either fixed or variable or a combination thereof.
(e) Provide for the issuance of the Bonds pursuant to a master indenture or master trust agreement and a supplemental indenture or supplemental trust agreement (collectively, the “Indenture”). The Indenture shall, among other things, prescribe the form of the Bonds, the time and place for payment of the principal and interest on the Bonds, may provide for events of defaults and the rights and remedies arising from any such defaults, and may provide for the redemption of the Bonds issued under this article before maturity at determined prices.
SECTION HISTORY
Added by Ord. No. 174,129, Eff. 9-1-01.