(A) Funds of a municipality may be invested in its temporary improvement bonds in accordance with the provisions of state statutes and may be purchased upon their initial issue, but shall be purchased only from funds which the Council determines will not be required for other purposes before the maturity date and shall be resold before maturity only in case of emergency.
(B) If purchased from a Debt Service Fund securing other bonds, the holders of those bonds may enforce the municipality’s obligations on the temporary improvement bonds in the same manner as if they held the temporary improvement bonds.
(Prior Code, § 202.19) (Ord. 944, passed 06-25-2018)