Ordinance 1016-84 - Laserfiche WebLink

Section . 420 Bonds and notes . A. Bonds and notes issued by the public corporation may be secured by the full faith and credit of the public corporation or may be made payable solely out of certain revenues and receipts as may be designated in the proceedings under which the issuance of the bonds and notes are authorized. All bonds or notes shall carry in a prominent place thereof the statement set forth in Section . 140 A3 or as amended pursuant to Section . 160 . All bonds and notes or liabilities occurring thereunder shall be satisfied exclusively from the assets or credit of such public corporation, and no creditor or other person shall have any recourse to the assets , credit or services of the city thereby, unless the City Council shall by resolution expressly guarantee such bonds or notes . B. Bonds and notes of the public corporation may be sold at such price or prices , at public or private sale, in such manner and from time to time as may be determined by the public corporation. Bonds and notes may be made payable at such place or places whether within or without the state, may bear interest at such rate or rates , may be in such form and denominations and of such tenor and maturities , may be in bearer form or in registered form as to principal and interest or as to principal alone, reserve such rights to redeem at such price or prices and after such notice or notices and on such terms and conditions , all as the public corporation may determine and provide in the proceedings under which such bonds and notes shall be issued. C. The public corporation may at the time of the issuance of such bonds and notes make such covenants with the purchasers and holders of said bonds and notes as it may deem necessary to secure and guarantee the payment of the principal thereof and the interest thereon, including but not limited to covenants to set. aside adequate reserves to guarantee payment of principal and interest; to appoint a trustee or trustees to safeguard the expenditure of the proceeds of sale of such bonds and notes and/or take possession and use or operate and manage corporate assets securing the bonds and notes in event of default or insolvency of the public corporation. With such powers as may be contained in any covenants relating to the bonds and notes; and to limit the amount, time and/or conditions under which additional bonds and notes may be issued or debts incurred. D. The public corporation may pay expenses , premiums and commissions which it may deem necessary in connection with the issuance and sale of its bonds and notes and take such other actions or make such committments as necessary or convenient in the issuance and servicing of such bonds and notes as are consistent with this chapter although not enumerated in this chapter. - 20 -