§ 56.35. BONDS AND OTHER EVIDENCES OF INDEBTEDNESS.

Latest version.

The City may, from time to time, issue bonds, notes or other evidences of indebtedness (collectively referred to as "bonds") to finance or refinance the costs of additions, extensions and improvements to the system and to pay the costs of issuing such bonds. Such bonds shall be issued pursuant to resolution adopted by a majority vote of the Commission, which resolution or supplements thereto shall set forth, among other things, the use and disposition of the proceeds of the bonds, the maturity date or dates of the bonds and the interest rate or rates thereon or rate of accretion, if applicable, the manner and method of payment, the rights and remedies of the holders thereof, the security for repayment and other covenants or conditions as the Commission may deem proper. The provisions of the Act and general law shall be the only limitations and restrictions regarding the issuance of bonds.

(Ord. No. 21-90, passed 7/10/90)

                    
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