3.24.130 - Revenue bonds—Terms and conditions.

Any resolution or resolutions authorizing any revenue bonds or any issue of revenue bonds may contain provisions respecting any of the following terms and conditions, which shall be a part of the contract with the holders of the revenue bonds: A.

The pledge of all or any part of the revenues, subject to such agreements with bondholders as may then exist, and the fixing and collection thereof;

B.

For the creation and maintenance of special funds from such revenues, including reserve and sinking funds;

C.

For limitations on expenditures of bond proceeds;

D.

The interest and principal to be received and other charges to be charged and the amounts to be raised each year thereby, and the use and disposition of the revenues;

E.

The setting aside of reserves or sinking funds and the regulation and disposition thereof;

F.

For the payment of administrative expenses or other expenses of the city;

G.

Limitations on the purposes to which the proceeds of a sale of any issue of revenue bonds, then or thereafter issued, may be applied, and pledging such proceeds to secure the payment of the revenue bonds or any issue of revenue bonds;

H.

Limitations on the issuance of additional revenue bonds, the terms upon which additional revenue bonds may be issued and secured, and the refunding of outstanding revenue bonds;

I.

The procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of revenue bonds the holders of which must consent thereto, and the manner in which such consent may be given;

J.

Limitation on expenditures for operating, administration, or other expenses of the city;

K.

Specification of the acts or omissions to act which shall constitute a default in the duties of the city to holders of its revenue bonds, and providing the rights remedies of such holders in the event of default;

L.

The mortgaging of any residence and the site thereof for the purpose of securing the bondholders;

M.

The mortgaging of land, improvements, or other assets owned by a participating party for the purpose of securing the bondholders;

N.

Any other provisions which are necessary or desirable to provide for the security of the bonds or to make the same more marketable.

(Ord. 301 §6(H), 1981).