SEC. 250.452. BOND ISSUANCE.

   The City shall have a mandatory duty to diligently take all action legally necessary and appropriate to issue and sell the bonds.

(Added by Ord. 225-81, App. 5/5/81)

SEC. 250.453. ASSIGNMENT.

   The Resolution may also contain an assignment of the proceeds of the sale of the bonds to the holder or owner of the Note as security for the payment of the Note and the interest thereon.

(Added by Ord. 225-81, App. 5/5/81)

SEC. 250.454. PLEDGE.

   The Resolution may also provide that the proceeds of the bonds are pledged to the payment of the Note and the interest thereon.

(Added by Ord. 225-81, App. 5/5/81)

SEC. 250.455. LIEN.

   Notwithstanding any other provision in the Resolution, or the absence thereof therein, the Note and the interest thereon shall constitute a first lien upon and charge against the proceeds of the bonds.

(Added by Ord. 225-81, App. 5/5/81)

SEC. 250.456. GRANT ANTICIPATION FUNDS; PAYMENT; ASSIGNMENT; PLEDGE.

   A Note may be paid from funds which have or will be received by the City from grants of the State or Federal Government, or both, toward the costs of the public improvements for which the bonds were authorized; and said funds may be assigned or pledged as additional security for the payment of the Note and the interest thereon.

(Added by Ord. 225-81, App. 5/5/81)

SEC. 250.457. OTHER FUNDS.

   A Note may be paid from other funds of the City, which may be lawfully appropriated, budgeted or paid therefor; provided, however, that no assignment or pledge thereof shall be made or be effective which shall be in violation of any provision of the Charter, the California Constitution or any law.

(Added by Ord. 225-81, App. 5/5/81)