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• <br /> 1 The City is authorized to issue local improvement district <br /> 2 bonds for the District which shall bear interest at a rate and <br /> 3 be payable on or before a date to be hereafter fixed by <br /> 4 ordinance. The bonds shall be issued in exchange for and/or in <br /> 5 redemption of any and all revenue warrants issued hereunder or <br /> 6 other short-term obligations hereafter authorized and not <br /> 7 redeemed in cash within twenty days after the expiration of the <br /> 8 thirty-day period for the cash payment without interest of <br /> 9 assessments on the assessment roll for the District . The bonds <br /> 10 shall be redeemed by the collection of special assessments to be <br /> 11 levied and assessed against the property within the District , <br /> 12 payable in annual installments , with interest at a rate to be <br /> 13 hereafter fixed by ordinance under the mode of "payment by <br /> 14 bonds , " as defined by law and the ordinances of the City. The <br /> 15 exact form, amount, date, interest rate and denominations of <br /> 16 such bonds hereafter shall be fixed by ordinance of the City <br /> 17 Council . Such bonds shall be sold in such manner as the City <br /> 18 Council hereafter shall determine. <br /> 19 Section 6 . In all cases where the work necessary to be <br /> done in connection with the making of such improvement is <br /> 20 <br /> carried out pursuant to contract upon competitive bids (and the <br /> 21 <br /> 22 City shall have and reserves the right to reject any and all <br /> bids) , the call for bids shall include a statement that payment <br /> 23 <br /> for such work will be made in cash warrants drawn upon the Local <br /> 24 <br /> Improvement Fund. <br /> 25 <br /> -5- <br />