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Refunding bonds may be issued in a principal amount sufficient to provide for the payment of all of the following:
(a) The principal amount of the bonds to be refunded;
(b) The premium necessary to be paid in calling and retiring the outstanding bonds;
(c) The price in excess of the par value of bonds required to be paid for their purchase in the open market;
(d) Interest accrued, or to accrue, on the bonds to be refunded, to the date of their refunding or to the next interest payment date thereafter when required to be paid;
(e) The costs of financial, legal and other technical services employed to accomplish the refunding;
(f) The costs of printing and advertising, and all other costs of the City incurred or to be incurred in the refunding proceedings; and
(g) Interest on the refunding bonds from their date to the date they are delivered to the former bondholders, in exchange for former bonds.
(Added by Ord. 225-81, App. 5/5/81)
Nothing in this Subdivision shall be construed as authorizing the City to violate any contract or other vested rights arising from the issuance or ownership of the former bonds. The City is authorized to and shall conduct a refunding proceedings and take all proceedings necessary therein to avoid the violation of a contract or vested right. To this end, the City may exercise in whole or in part the procedure therefor in any law or provide therefor itself.
(Added by Ord. 225-81, App. 5/5/81)
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