The city council may issue bonds to refund outstanding bonds. Such a refunding includes payment of the principal, purchase price, interest, and redemption premiums, if any, of the outstanding bonds. At the discretion of the city council, based on the city treasurer's recommendation, the proceeds of bonds issued to refund outstanding bonds may be applied to the retirement of the outstanding bonds at maturity or to the redemption (on any redemption date) or purchase of the outstanding bonds before maturity, upon such terms as the city council determines to be appropriate. (Ord. 2012-039 § 2)