(a) Bond Law. Except as otherwise expressly provided in this chapter, the provisions of the bond law shall apply to the exercise of the powers set forth in Section 12.28.030.
(b) General Resolution. The council may authorize and provide for the issuance of the bonds by a general resolution to take effect upon adoption. Such resolution shall state:
(1) The purpose or purposes for which the bonds are proposed to be issued;
(2) The total principal amount of the bonds;
(3) That the bonds are to be revenue bonds, payable exclusively from the revenues of the enterprise and from such of the other funds referred to in Section 54478 of the bond law as shall be specified in the resolution;
(4) That the bonds are not to be secured by the taxing power of the city; and
(5) Such other matters authorized by the bond law as are deemed appropriate by the council.
(c) Series Resolution. The council may issue, sell and deliver any series of bonds by series resolution (which may be the general resolution referred to in Section 12.28.040(b)) to take effect upon adoption. Such series resolution shall:
(1) Define and state the estimated cost of the project for which the series of bonds are proposed to be issued;
(2) State the principal amount of such series of bonds;
(3) State the maximum rate of interest on such series of bonds; the maximum discount at which such series of bonds may be sold and the dates on which the interest thereon shall be payable; and
(4) State such other matters authorized by the bond law as are deemed appropriate by the council.
(d) Municipal Bond Insurance. The council may cause the payment of principal, premiums on redemption (if any) and interest on any series of bonds to be insured or guaranteed, and may include the premiums on such insurance or guaranty in determining the principal amount of such series of bonds.
(e) Nonapplicability of Certain Portions of Bond Law. Sections 54380 to 54387, inclusive, 54402(b) and 54418 of the bond law shall not apply.
(Ord. 3083 § 1 (part), 1978)