Whenever the Council deems it necessary for the City to incur a bonded indebtedness under this Article and determines that such bonded indebtedness will not be issued pursuant to Section 11.28.13 of this Article, the Council shall adopt a resolution (Authorizing Resolution) which shall, at a minimum:
(a) State that the Council deems it necessary to incur the bonded indebtedness and authorizes the issuance of Bonds; and
(b) Specify the amount or maximum amount of the bonded indebtedness to be incurred or, for refunding bonds, specify the interest rate savings requirements to be met; and
(c) State the maximum term of the Bonds to be issued; and
(d) Specify the maximum rate of interest which the Bonds shall bear or accrue, which interest may be either fixed or variable or a combination thereof.
In addition, the Council shall provide in such resolution for the issuance of the Bonds pursuant to an indenture, trust agreement, paying agent agreement or other agreement, as the same may be amended or supplemented (Financing Agreement). Such Financing Agreement may, among other things, prescribe the form of the Bonds, the time and place for payment of the principal and interest on (or accreted value of) the Bonds, may provide for events of default 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. No provision of such Financing Agreement shall be inconsistent with the provisions of the General Resolution or the Subordinate General Resolution, or impair the Security of the bondholders thereunder, while any bonds remain outstanding thereunder, unless the City receives an opinion from nationally recognized municipal bond counsel that such Financing Agreement is authorized under the resolution.
SECTION HISTORY
Added by Ord. No. 182,531, Eff. 6-10-13.