"Bonds" mean bonds or other evidences of indebtedness of the City which have been or may hereafter be authorized but have not been issued and sold.
(Prior code App. A, § 550)
"Note" means a bond anticipation note to be issued upon the security of funds receivable from the sale of bonds and includes notes.
(Prior code App. A, § 551)
"Resolution" means the resolution pursuant to which a note is authorized and issued.
(Prior code App. A, § 552)
The City Council may borrow money, the indebtedness of which shall be evidenced by a note.
(Prior code App. A, §553)
The issuance of a note shall be authorized by resolution of the City Council for the City or in its representative capacity.
(Prior code App. A, § 554)
The resolution shall contain a form of the proposed note to be issued.
(Prior code App. A, § 555)
The resolution shall describe the bonds, the proceeds of which shall constitute the source and security for the payment of the note sufficient to identify them.
(Prior code App. A, § 556)
A note may be made payable to order or be negotiable and payable to bearer.
(Prior code App. A, § 557)
The resolution may provide that the note shall be subject to call and redemption prior to maturity at the option of the City, and state the manner of giving notice of redemption to the holder of the note to be redeemed and the price at which the note shall be subject to redemption. Such note shall state on its face that it is callable, and no note shall be so subject unless it contains such recital.
(Prior code App. A, § 558)
A bond anticipation note may be issued in such principal amount as is set forth in the resolution authorizing its issuance, which may include interest on the note for its full term; provided, however, that such note shall not be issued in a principal amount at any time outstanding which, when added to the interest payable thereon for the full period of the note exceeds the authorized principal amount of the unissued bonds described in the resolution authorizing the issuance of the note.
(Prior code App. A, § 559)
A note may be in any denomination and be payable not later than five years after its date of issuance.
(Prior code App. A, § 560)
Except as otherwise provided in this chapter, a note and the interest thereon shall be payable solely from the proceeds of the sale of the bonds and the resolution shall so provide.
(Prior code App. A, § 561)
The City shall have a mandatory duty to diligently take all action legally necessary and appropriate to issue and sell the bonds.
(Prior code App. A, § 562)
The resolution may also contain an assignment of the proceeds of the sale of the bonds to the holder or owner of the note as security for the payment of the note and the interest thereon.
(Prior code App. A, § 563)
The resolution may also provide that the proceeds of the bonds are pledged to the payment of the note and the interest thereon.
(Prior code App. A, § 564)
Notwithstanding any other provision in the resolution, or the absence thereof therein, the note and the interest there-on shall constitute a first lien upon and charge against the proceeds of the bonds.
(Prior code App. A, § 565)
A note may be paid from funds which have or will be received by the City from grants of the state of federal government, or both, toward the costs of the public improvements for which the bonds were authorized; and said funds may be assigned or pledged as additional security for the payment of the note and the interest thereon.
(Prior code App. A, § 566)
A note may be paid from other funds of the City, which may be lawfully appropriated, budgeted or paid therefor; provided, however, that no assignment or pledge thereof shall be made or be effective which shall be in violation of any provision of the Constitution or any law.
(Prior code App. A, § 567)
No provision in this chapter as to any other source of payment of a note or the assignment or pledge thereof shall be construed as or have the effect of diluting, diminishing or otherwise qualifying the obligation of the City to pay the note and the interest thereon from the proceeds of the bonds, or of any assignment or pledge thereof or the lien thereon, excepting to the extent that said other funds have been used and applied in payment of said note and the interest there-on.
(Prior code App. A, § 568)
A bond anticipation note may be issued from time to time as provided in the resolution authorizing its issuance.
(Prior code App. A, § 569)
A note shall be executed in the manner provided in the resolution.
(Prior code App. A, § 570)
The City Council may issue and sell a note as it shall determine and direct, at public or private sale, at or below its par value and at a rate of interest not to exceed the rate and shall be payable at the time or times and in the amount or amounts as provided in the resolution.
(Prior code App. A, § 571)
The proceeds of a note may be used and expended by the City solely for the purposes for which the bonds were authorized.
(Prior code App. A, § 572)
A note may be refunded by the issuance of a refunding note in such amount or amounts as the City Council may deem necessary to refund the principal of the note to be so refunded, any unpaid interest thereon, any discount and funded interest, and issuing expenses.
(Prior code App. A, § 573)