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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)