3.24.180 - Revenue bonds—Further provisions.

All revenue bonds issued by the city pursuant to this chapter 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 revenue 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 revenue bonds for one or more purposes shall not preclude it from issuing other revenue bonds in connection with the same project or any other project, subject to such agreements with bondholders as may then exist;

C.

Any revenue bonds of the city issued pursuant to this chapter, 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. Revenue bonds may be issued as one issue for refunding and other authorized purposes. Any refunding may be affected 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 revenue bonds to be refunded thereby, or by the exchange of the refunding bonds for the revenue bonds to be refunded thereby with the consent of the holders of the revenue bonds so to be refunded and with such cash adjustments as may be agreed, and regardless of whether or not the revenue 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 provisions of the law, the proceedings for the issuance of such refunding bonds may provide for the payment into an escrow fund such moneys, together with the interest to be earned thereon, which shall be sufficient to pay the principal of, and interest and premium, if any, on the revenue bonds so refunded to the earliest or subsequent date of redemption, purchase or maturity of such refunded bonds; and

D.

Each revenue bond shall be deemed to be an investment security under the Uniform Commercial Code as adopted by the state and, if so provided in the proceedings for issuance, a negotiable instrument, subject only to any provisions thereof for registration or other provisions restricting transfer, and shall be deemed to have been issued for an authorized purpose of the city on the exercise of the powers pursuant to this chapter; provided, that the city so determines in the proceedings and such determination is recited in the revenue bond.

(Ord. 301 §7, 1981).