The city may, by ordinance or resolution of the Commission, issue obligations to refund any obligations issued pursuant to this chapter, or any other obligations of the city issued to finance capital improvements, and provide for the rights of the holders hereof. Such refunding obligations may be issued in an amount sufficient to provide for the payment of the principal of, redemption premium, if any, and interest on the outstanding obligations to be refunded and costs of issuance related thereto. If the issuance of such refunding obligations results in an annual assessment that exceeds the estimated maximum annual assessments set forth in the notice provided pursuant to § 36.15 hereof, the Commission shall provide notice to the affected property owners and conduct a public hearing in the manner required by § 36.40 et seq.
(Ord. 632, passed 2-9-2016)