(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)