A. The bonds shall be sold for such price or prices as the Mayor and Council, in their discretion, shall determine, which may be at the par value thereof with or without premium or discount. The bonds may be sold at public or private sale as the Mayor and Common Council shall determine. If the Mayor and Common Council determine to sell the bonds by private sale, the same shall be awarded by resolution to the buyer or buyers thereof. If the Mayor and Common Council determine to sell the bonds at public sale, before selling the bonds or any part thereof, the City Clerk shall give notice inviting sealed bids in such manner as the Mayor and Common Council shall prescribe. If satisfactory bids are received, the bonds offered for sale shall be awarded by resolution to the highest responsible bidder. If no bids are received, or if the Mayor and Common Council determine that the bids received are not satisfactory as to price or responsibility of the bidders, they may reject all bids received, if any, and either re-advertise or sell the bonds at private sale.
B. The purposes for which the proceeds of the bonds may be used may also include, without limitation, incidental expenses, such as engineering, appraisal, legal fees, bond counsel fees, financial consultant fees, land and rights-of-way acquisition, reserve funds and expenses of financing the district, if any, and expenses of all proceedings for the authorization, issuance and sale of the bonds or related thereto.
(Ord. 3589, 7-06-76)