All bonds issued by the city for a project shall be special obligations only of the city, payable solely from the revenues or from the other sources specified in the proceedings. In addition and without limitation to the other provisions of this chapter:
(A) The bonds may be executed and delivered by the city at any time and from time to time;
(B) The issuance by the city of one or more issues of bonds for one or more purposes shall not preclude it from issuing other bonds in connection with the same project or any other project, subject to such agreements with bondholders as may then exist;
(C) Any bonds of the city issued hereunder at any time outstanding may, at any time, and from time to time, be refunded by the city by the issuance of its refunding bonds in such amount as the city may deem necessary or appropriate. Bonds may be issued as one issue for refunding and other authorized purposes. Any refunding may be effected whether the bonds to be refunded shall have then matured or shall thereafter mature, either by sale of the refunding bonds and the application of the bond proceeds to the purchase or redemption of the bonds to be refunded thereby or by the exchange of the refunding bonds for the bonds to be refunded thereby with the consent of the holders of the bonds so to be refunded and with such cash adjustments as may be agreed and regardless of whether or not the bonds proposed to be refunded shall be payable at the same date or different dates or shall be due serially or otherwise, and notwithstanding any other provision of the law, the proceedings for the issuance of the refunding bonds may provide for the payment into an escrow fund such moneys, together with the interest to be earned thereon, which will be sufficient to pay the principal of, and interest and premium, if any on the bonds so refunded to the earliest or subsequent date of redemption, purchase or maturity of the refunded bonds; and
(D) Each bond shall be deemed to be an investment security under the Uniform Commercial Code as adopted by the state and a negotiable instrument, subject only to any provisions thereof or registration or other provisions restricting transfer and shall be deemed to have been issued for an authorized purpose of the city in the exercise of the powers pursuant to this chapter, provided that the city so determines in the proceedings and the determination is recited in the bond.
(1995 Code, § 12.04.150)