(A) The exercise of all powers granted by this subchapter may be authorized, and bonds may be authorized to be issued under this subchapter for the purposes set forth in this subchapter, by an ordinance of Council, which may be adopted at the same meeting at which it is introduced and which shall take effect immediately upon adoption.
(B) The bonds shall bear interest at a rate, shall be payable at a time, may be in one or more series, may bear a date, may mature at a time not exceeding 40 years from their respective dates, may be payable in a medium of payment at a place, may carry registration privileges, may be subject to terms of redemption at such premiums, may be executed in such a manner, may contain terms, covenants and conditions, and may be in such a form, either coupon or registered, as the ordinance may provide, or as may be subsequently determined by Council before the bonds are issued. The bonds may be sold at a public or private sale in a manner and upon terms as may be deemed advisable by Council. Pending the preparation of the definitive bonds, interim receipts or certificates in a form and with provisions as Council may determine may be issued to the purchaser of bonds sold pursuant to this subchapter. The bonds and interim receipts or certificates shall be deemed to be securities and negotiable instruments within the meaning and for all purposes of the Uniform Commercial Code.
(2000 Code, § 3.12.040)