If the council makes the following findings and determinations, any outstanding bonds may be refunded or advance refunded by resolution, fiscal agent agreement, or indenture adopted or approved without notice and hearing or further process:
(a) That the total aggregate amount of the principal of and interest on the refunding bonds is less than the total aggregate amount of the principal of and interest on the bonds to be refunded;
(b) That each annual installment of principal of and interest on the refunding bonds is less than the corresponding installment on the bond to be refunded; and
(c) That the term of the refunding bonds is equal to or less than the remaining term of the bonds to be refunded.
(Ord. 3887 § 1, 1989)