As used in this article:
"Bond law"
means the Revenue Bond Law of 1941, being Chapter 6, commencing with Section 54300 of Part 1 of Division 2 of Title 5 of the Government Code of the state, and in particular Article 11, commencing with Section 54660 thereof, and Article 10, commencing with Section 53570, and Article 11, commencing with Section 53580, of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government Code of the state.
"Enterprise"
shall have the meaning assigned to such term in Article II of this chapter.
"Obligations"
means all obligations payable by the City to any bank or other financial institution under any credit enhancement or liquidity arrangements made by the City pursuant to Section 3-12.140.
(Ord. 2597 § 2, 1987; Ord. 3279 § 2, 1996)
(A) 
Issue Refunding Bonds.
(1) 
The Council may provide for the issuance of and authorize, issue, sell at public or private sale and deliver refunding revenue bonds of the City for the purpose of redeeming or retiring bonds issued by it, including any or all expenses incidental thereto or connected therewith.
(2) 
Any outstanding bonds or other obligations of the City issued to finance any portion of the enterprise defined in the resolution or indenture providing for the issuance of the refunding bonds may be refunded under this article without regard to whether the authority for their issuance was State law, chartered City procedure ordinance or otherwise, and regardless of whether the security therefor was the unlimited taxing power of the City, revenues of an enterprise, special assessments, a combination of revenues and special assessments, or otherwise.
(B) 
Redeem Bonds and Pledge Proceeds of Sale of Refunding Bonds and Revenues. The Council may redeem or retire the bonds or other obligations either at or prior to their maturity, as set forth in the resolution or indenture providing for the issuance of the refunding bonds, and may pledge, place a charge upon and assign all or any part of the proceeds of sale of such refunding bonds for the security of the bonds or other obligations to be refunded. Such proceeds may be invested in such manner as may be provided in the resolution or indenture. The Council may pledge, place a charge upon, and assign all or any part of the gross or net revenues of the enterprise defined in the resolution or indenture providing for the issuance of refunding bonds for the security of the refunding bonds.
(C) 
Bond Law. The Council has and may exercise all of the powers set forth in the Bond Law, subject to the restrictions therein set forth, except as in this article otherwise expressly provided.
(Ord. 2597 § 2, 1987)
(A) 
Bond Law. Except as otherwise expressly provided in this chapter, the provisions of the Bond Law shall apply to the exercise of the powers set forth in Section 3-12.080.
(B) 
Resolution or Indenture. The Council may authorize and provide for the issuance of the refunding bonds by a resolution or indenture to take effect upon adoption or delivery, as the case may be. Such resolution or indenture shall state:
(1) 
The purpose or purposes for which the refunding bonds are proposed to be issued;
(2) 
The limits, if any, on the total principal amount of the refunding bonds, subject to the provisions of subsection C of this section;
(3) 
That the bonds are to be refunding revenue bonds, payable exclusively from the gross or net revenues of the enterprise and from such of the other funds referred to in Section 54478 of the Bond Law as shall be specified in the resolution or indenture;
(4) 
The maximum rate of interest on the refunding bonds, if any, the maximum discount at which such refunding bonds may be sold, if any, and the date on which the interest thereon shall be payable;
(5) 
That the bonds are not to be secured by the taxing power of the City; and
(6) 
Such other matters authorized by the Bond Law as are deemed appropriate by the Council.
(C) 
Principal Amount. The resolution or indenture authorizing and providing for the issuance of the refunding bonds shall state that the refunding bonds shall be issued in a principal amount sufficient to provide funds for the payment of the following:
(1) 
All bonds to be funded or refunded by the refunding bonds;
(2) 
All expenses incident to the calling, retiring or paying of the outstanding bonds, and the issuance of the refunding bonds, including the difference in amount between the par value of the refunding bonds and any amount less than that for which the refunding bonds may be sold;
(3) 
Interest upon the refunding bonds from the date of sale to the date of payment of the bonds to be funded or refunded out of the proceeds of the sale, or the date upon which the bonds to be funded or refunded will be paid pursuant to the call or agreement with the holders of such bonds; and
(4) 
Any premium necessary in the calling or retiring of the outstanding bonds and the interest accruing on them to the date of the call or retirement.
(D) 
Nonapplicability of Certain Portions of Bond Law. Sections 54380 to 54388, inclusive, 54402(b), 54403 and 54418 and the last sentence of Section 54661 of the Government Code of the state shall not apply.
(Ord. 2597 § 2, 1987)