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TITLE 3 - - BONDS
The City and County may, from time to time, issue bonds for any of the purposes specified in Sections 142(d) and 143 of the Internal Revenue Code of 1986. Bonds shall be negotiable instruments for all purposes, subject only to the provisions of such bonds for registration.
(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)
Every issue of bonds shall be a limited obligation of the City and County payable from all or any specified part of the revenues and the moneys and assets authorized in this Article to be pledged or assigned to secure payment of bonds. Such revenues, moneys or assets shall be the sole source of repayment of such issue of bonds. Bonds issued under the provisions of this Article shall not be deemed to constitute a debt or liability of the City and County or a pledge of the faith and credit of the City and County but shall be payable solely from specified revenues, moneys, and assets. The issuance of bonds shall not directly, indirectly, or contingently obligate the City and County to levy or pledge any form of taxation or to make any appropriation for their payment.
All bonds shall contain on the face thereof a statement to the following effect: Neither the faith and credit nor the taxing power of the City and County is pledged to the payment of the principal of or premium or interest on this bond.
(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)
Bonds may be issued as serial bonds, term bonds, installment bonds or pass-through certificates or any combination thereof. Bonds shall be authorized by resolution of the Board of Supervisors and shall bear such date or dates; mature at such time or times; bear interest at such fixed or variable rate or rates; be payable at such time or times; be in such denominations, be in such form, either coupon or registered, carry such registration privileges, be executed in such manner, be payable in lawful money of the United States of America at such place or places, be subject to such terms of redemption and have such other terms and conditions as such resolution, or any indenture authorized by such resolution to be entered into by tile City and County, may provide. Bonds may be sold at either public or private sale and for such prices as the City and County shall determine.
(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)
Any resolution authorizing any bonds or any issue of bonds, or any indenture authorized by such resolution to be entered into by the City and County, may contain provisions respecting any of the following terms and conditions, which shall be a part of the contract with the holders of such bonds:
(a) The terms, conditions and form of such bonds and the interest and principal to be paid thereon;
(b) Limitations on the uses and purposes to which the proceeds of sale of such bonds may be applied, and the pledge or assignment of such proceeds to secure the payment of such bonds;
(c) Limitations on the issuance of additional parity bonds, the terms upon which additional parity bonds may be issued and secured, and the refunding of outstanding bonds;
(d) The setting aside of reserves, sinking funds and other funds and the regulation and disposition thereof;
(e) The pledge or assignment of all or any part of the revenues and of any other moneys or assets legally available therefor and the use and disposition of such revenues, moneys and assets;
(f) Limitation on the use of revenues for operating, administration or other expenses of the City and County;
(g) Specification of the acts or omissions to act which shall constitute a default in the duties of the City and County to holders of such bonds, and providing the rights and remedies of such holders in the event of default, including any limitations on the right of action by individual bondholders;
(h) The appointment of a corporate trustee to act on behalf of the City and County and the holders of its bonds, the pledge or assignment of loans, deeds of trust, mortgages, leases, subleases, sale contracts and any other contracts to such trustee, and the rights of such trustee;
(i) The procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of such bonds the holders of which must consent thereto, and the manner in which such consent may be given; and
(j) Any other provisions which the Board of Supervisors may deem reasonable and proper for the purposes of this Article and the security of the bondholders.
(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)
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