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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)
(A) Any bond ordinance may contain covenants as the city may desire, including but not limited to, covenants as to the following:
(1) The use and disposition of the revenues and receipts from the lease and other agreements or the project for which the bonds are to be issued, including the creation and maintenance or reserves;
(2) The issuance of other or additional bonds relating to the project or any rehabilitation, improvements, renovations, enlargements or additions thereto;
(3) The maintenance and repair of the project;
(4) The insurance to be carried thereon and the use and disposition of insurance monies;
(5) The appointment of any bank or trust company within or outside the state, having the necessary trust powers as trustee for the benefit of the bondholders, paying agent and bond registrar;
(6) The investment of any funds held by the trustee; and
(7) The terms and conditions upon which the holders of the bonds or any portion thereof or any trustees thereof are entitled to the appointment of a receiver.
(B) The bond ordinance may provide that the principal of and interest on the bonds shall be secured by a mortgage or indenture of trust covering the project for which the bonds are issued and may include any improvements or extensions thereafter made. The mortgage or indenture of trust may contain covenants and agreements to properly safeguard the bonds and shall be executed in the manner as may be provided for in the bond ordinance. The provisions of this subchapter and the bond ordinance and any mortgage or indenture of trust shall constitute a contract with the holder or holders of the bonds and continue in effect until the principal of, the interest on and the redemption premiums, if any, on the bonds so issued have been fully paid, or until provision for payment shall have been made as provided in the bond ordinance, and the duties of the city and its corporate authorities and officers under this subchapter and any bond ordinance and any mortgage or indenture of trust shall be enforceable by any bondholder by mandamus, foreclosure of any mortgage or indenture of trust or other appropriate suit, action or proceedings in any court of competent jurisdiction, in the manner and subject to the terms of the bond ordinance, mortgage or indenture of trust.
(1980 Code, § 13.1407)
The bonds shall bear the manual or facsimile signature of the officers of the city as may be designated in the bond ordinance and the manual or facsimile signatures shall be the valid and binding signatures of the officers of the city, notwithstanding that before the delivery thereof and payments therefore any or all of the persons whose signatures appear thereon have ceased to be officers of the city. The validity of the bonds is not dependent on or affected by the validity or regularity of any proceedings relating to the acquisition, purchase, construction, reconstruction, improvement, equipping, betterment or extension of the project for which the bonds are issued. The bond ordinance may provide that the bonds shall contain a recital that they are issued pursuant to this subchapter, which recital shall be conclusive evidence of their validity and of the regularity of their issuance.
(1980 Code, § 13.1408)
All bonds issued under this subchapter have a lien upon the revenues and receipts derived from the lease or other agreement, and the Council may provide in the bond ordinance for the issuance of additional bonds to be equally and ratably secured by a lien upon the revenues and receipts or may provided that the lien upon the revenues and receipts is subordinate.
(1980 Code, § 13.1409)
All bonds issued under and pursuant to this subchapter shall be limited obligations of the city payable solely out of the revenues and receipts derived from the lease or other agreement. No holder of any bonds issued under this subchapter has the right to compel any exercise of taxing power of the city to pay the bonds, the interest or premium, if any, thereon, and the bonds do not constitute an indebtedness of the city of a loan of credit thereof within the meaning of any constitutional or statutory provision. It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter and that it does not constitute an indebtedness of the city or a loan of credit thereof within the meaning of any constitutional or statutory provisions.
(1980 Code, § 13.1410)
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