Such bonds or notes shall be issued only after the Council of the City of Los Angeles has by order or resolution authorized the issuance thereof, and the Mayor has approved the order or resolution. The order or resolution shall state, among such other matters as may be necessary or desirable:
(1) The statutory authority, if any, under which the bonds or notes are issued.
(2) The grants or prospective grants which will be the source of funds for repayment of notes or bonds.
(3) The total amount of the notes or bonds to be issued to be secured by such grants or prospective grants; the identifying name or number of the issue, the maximum rate of interest payable; the term or maturity date, or the maturity dates if there are more than one, of the notes or bonds; and whether or not the notes or bonds are callable prior to maturity and if so, the premium, if any, payable upon such call.
(4) Whether the notes or bonds will be sold by competitive bids to the bidder offering the lowest net rate of interest or by negotiation, and if sold by negotiation, a short statement of the matter in which requirements of Los Angeles City Charter Section 372 have been met.
(5) That the notes or bonds are to be executed in the manner set forth in Section 14.23 hereof and are to be in the form of the sample instrument which is attached to the Council File approving such issuance.
SECTION HISTORY
Added by Ord. No. 157,564, Eff. 5-2-83.
Amended by: Subsec. (4), Ord. No. 173,282, Eff. 6-26-00, Oper. 7-1-00.