The city may issue obligations to refund any obligations issued under the authority of this subchapter, and provide for the rights of the owners thereof. Such refunding obligations may be issued in an amount sufficient (a) to pay any expenses of the issuance and sale of such refunding obligations and (b) together with the income from the investment of a portion of the proceeds of sale of such refunding obligations, to pay (a) the principal of the outstanding obligations, (b) the interest due and payable on the outstanding obligations, and (c) the redemption and/or mandatory purchase premium, if applicable, on the outstanding obligations.
(Ord. 2002-68, passed 11-7-02)