(A) The Commission shall have the power and is hereby authorized to provide by ordinance or resolution, at one time or from time to time in series, for the issuance of obligations to fund capital improvements and any amounts to be paid or accrued in connection with issuance of such obligations including but not limited to capitalized interest, transaction costs and reserve account deposits.
(B) The principal of and interest on each series of obligations shall be payable from pledged revenue. At the option of the Commission, the city may agree, by ordinance or resolution, to budget and appropriate funds from other non-ad valorem revenue sources to make up any deficiency in the reserve account established for the obligations or for the payment of the obligations. The Commission may also provide, by ordinance or resolution, for a pledge of or lien upon proceeds of such non-ad valorem revenue sources for the benefit of the holders of the obligations. Any such ordinance or resolution shall determine the nature and extent of any pledge of or lien upon proceeds of such non-ad valorem revenue sources.
(Ord. 632, passed 2-9-2016)