(A) The issuer, through the Mayor, the Chief Financial Officer or the Mayor’s designee, may change, substitute or otherwise modify the use of the proceeds of any bond or note issued hereafter to the extent permitted by the Act; provided, however, that any such changes, substitutions or modifications of the use of the proceeds shall not exceed $500,000 in the aggregate per bond to specific projects contained in the bond and may do so without prior Metro Council approval. However, to the extent that any such change, substitution, or modification does not cause the issuer to be in violation of any tax or other special covenants, the Mayor or the Mayor’s designee, may fund other projects not specifically set forth in the bond with prior Metro Council approval.
(B) To the extent permitted by law, the Mayor may reduce, modify, assign, forgive or cancel any debt qualified for a reduction under state law in an amount not to exceed $150,000; and any promissory note, mortgage, or lease securing an expenditure of public funds; provided, however, that any such changes, substitutions or modifications of the use of the proceeds shall not violate state law and/or exceed $150,000 without Metro Council approval of an ordinance filed with Metro Council at least 60 days prior to such action and shall be effective only to the extent that any such change, substitution, or modification does not cause the Metro Government to project a deficit. Any reduction of more than $100,000 but less than $150,000 shall be reported to the Metro Council through the Council President at least 30 days prior to such action.
(Lou. Metro Ord. No. 54-2009, approved 4-29-2009)