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In addition to powers, which it may now have, the city shall have the power under this subchapter:
(A) To construct, acquire by gift, purchase or lease, to reconstruct, improve, better or extend and to finance one or more projects, whether or not now or hereafter in existence, within or without the city or partially within or partially without the city, but in no event further than ten miles from the territorial boundaries of the city, and, if desirable, to acquire by gift, purchase or lease, lands or rights in land in connection with any project;
(B) To issue its revenue bonds to defray in whole or in part the project costs of any project and to designate an appropriate name for the bonds, which bonds shall be issued pursuant to a bond ordinance authorizing the same;
(C) To enter into leases or other agreements with any person in order to secure the city’s revenue bonds; provided however, that any lease or other agreement must provide that the person shall pay to, for or on behalf of the city an amount efficient to pay principal, interest, redemption premiums and all other costs in connection with the city’s revenue bonds so that the bonds will never constitute an indebtedness of the city or the loan of its credit within the meaning of any constitutional or statutory provision;
(D) To pledge to the punctual payment of bonds authorized under this subchapter, the interest thereon, and the redemption premiums, if any, the revenue and receipts to be received pursuant to the leases or other agreements;
(E) To mortgage the project in favor of the holder or holders of bonds issued therefore;
(F) To sell and convey the project, including without limitation the sale and conveyance thereof subject to a mortgage, if any, as provided in this subchapter, for the price and at a time (whether prior or subsequent to the payment in full of bonds authorized under this subchapter) as the Council for the city may determine. However, no sale or conveyance of the project shall ever be made in a manner as to impair the rights or interests of the holder or holders of any bond issued hereunder; and
(G) To issue its bonds to refund, in whole or in part, bonds theretofore issued by the city under authority of this subchapter.
(1980 Code, § 13.1404)
(A) The exercise of all powers granted by this subchapter may be authorized, and the bonds shall be authorized by this subchapter, which may be adopted at the same meeting at which it is introduced and shall take effect immediately upon adoption.
(B) The bonds shall bear interest at a rate or rates payable at times, may be in one or more series, may bear the date or dates, may mature at the time or times not exceeding 40 years from their respective dates, may be payable in the medium of payment at the place or places, may carry registration privileges, may be subject to terms of redemption at premiums, may be executed in a manner, may contain the terms, covenants and conditions, and may be in a form, either coupon or registered, as the bond ordinance may provide or as may be subsequently determined by the Council before the bonds are issued. The bonds may be sold at public or private sale in a manner and upon the terms as may be deemed advisable by the Council of the city. The bonds and interim receipts of certificates shall be deemed to be securities and negotiable instruments within the meaning and for all purposes of the Uniform Commercial Code.
(1980 Code, § 13.1405)
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