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SEC. 12.04. OFFICIAL BONDS.
   The City Administrator, and such other officers or employees of the City as may be provided for by ordinance, shall each before entering upon the duties of his respective office or employment, give a corporate surety bond to the City in such form and in such amount as may be fixed by the Council as security for the faithful performance of his official duties and the safekeeping of the public funds. Such bonds may be either individual or blanket bonds in the discretion of the Council. They shall be approved by the City Council, and approved as to form by the City Attorney, and filed with the City Administrator. The provisions of the laws of the State relating to official bonds not inconsistent with this Chapter shall be complied with. The premiums on such bonds shall be paid by the City.
SEC. 12.05. SALE OF REAL PROPERTY.
   The sale or conveyance of any interest in real property of the City may be negotiated and a purchase agreement entered into by any practicable means, including a public auction or private sale, subject to approval by the Council in the form of adoption of an ordinance. The proceeds of any sale of such property shall be used as far as possible to retire any outstanding indebtedness incurred by the City in the purchase, construction, or improvement of this or other property used for the same public purpose. If there is no such outstanding indebtedness, the Council may by ordinance or resolution designate some other public use for the proceeds.
SEC. 12.06. VACATION OF STREETS.
   The Council may by resolution approved by unanimous vote, vacate any street, alley, public grounds, public way or any part thereof within the City. Such vacation may be made only after published notice and an opportunity has been given to affected property owners and the public to be heard, and upon such further terms and by such procedure as the Council by ordinance may prescribe. A notice of completion of such proceedings shall be filed with the proper County officers in accordance with law.
SEC. 12.07. CITY TO SUCCEED TO RIGHTS AND OBLIGATIONS OF FORMER CITY.
   The City shall succeed to all the property, rights, and privileges, and shall be subject to all the legal obligations of the City under the former charter.
SEC. 12.08. TERMS OF PRESENT MAYOR AND COUNCIL MEMBERS.
   The present Mayor and Council Members shall, upon adoption of this Charter, continue to serve their current terms.
SEC. 12.09. STATUTES NOT AFFECTED BY CHARTER.
   All general laws and statutes of the State applicable to all cities operating under home rule charters, or applicable to cities of the same class as the City operating under home rule charters, and not inconsistent with the provisions of this Charter, shall apply to the City, and shall be construed as supplementary to the provisions of this Charter.
SEC. 12.10. EXISTING ORDINANCES CONTINUED.
   All ordinances and regulations of the City in force when this Charter takes effect, and not inconsistent with the provisions thereof, are hereby continued in full force and effect until amended or repealed.
SEC. 12.11. PENDING CONDEMNATIONS AND ASSESSMENTS.
   Any condemnation or assessment proceedings in progress when this Charter takes effect shall be continued and completed under the laws under which such proceedings were begun. All assessments made by the City prior to the time when this Charter takes effect shall be collected and the lien thereof enforced in the same manner as if this Charter had not been adopted.
SEC. 12.12. ORDINANCES TO MAKE CHARTER EFFECTIVE.
   The Council shall by ordinance make such regulations as may be necessary to carry out and make effective the provisions of this Charter.
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