As used in this article:
(a) 
"Bonds"
means bonds or other evidences of indebtedness of the City or of any area, agency, department, authority, or mandate of the City, including without limitation any local improvement district or the redevelopment agency of the City, which have been duly authorized but not issued and sold.
(b) 
"Bond anticipation note"
means a note issued upon the security of funds receivable from the sale of bonds.
(Ord. 1294 § 1, 8-6-1974; Formerly § 16-176)
The City Council, acting on behalf of the City or any area, agency, department, authority, or mandate of the City, including without limitation any local improvement district or the redevelopment agency of the City, may borrow money pursuant to this article, such indebtedness to be represented by a bond anticipation note or notes issued to the lender pursuant to this article. The money borrowed may be used and expended by the City solely for the purposes for which the bonds were authorized.
(Ord. 1294 § 1, 8-6-1974; Formerly § 16-177)
The bond anticipation note or notes shall be issued pursuant to a resolution authorizing the issuance thereof, adopted by the City Council, acting as such or as the governing body of the issuing agency or authority of the City. Bond anticipation notes authorized to be issued may be issued from time to time as provided in such resolution. The resolution shall set forth the form and the manner of execution of the bond anticipation note or notes, shall generally describe the bonds, and shall include a covenant that the City will diligently take all action legally necessary and appropriate to issue and sell the bonds. The resolution may also contain an assignment of proceeds of the sale of the bonds to the holders or owners of the notes in payment thereof.
(Ord. 1294 § 1, 8-6-1974; Formerly § 16-178)
Any bond anticipation note issued under this article may be negotiable or may be payable to order or to bearer and may be in any denomination. Such note shall be payable not later than five years after the date of issue and shall be payable solely from the proceeds of the sale of the bonds described in the resolution authorizing its issuance.
(Ord. 1294 § 1, 8-6-1974; Formerly § 16-179)
The Council may issue and sell such notes as the Council determines and directs, at public or private sale, at or below their par value and at a rate of interest not to exceed the rate determined by the Council in the resolution authorizing the issuance thereof. The notes shall be payable at the times and in the amounts determined by the Council in said resolution.
(Ord. 1294 § 1, 8-6-1974; Formerly § 16-180)
The resolution authorizing the issuance of any note may provide that such note shall be subject to call and redemption prior to maturity, at the option of the obligor, at such price or prices as may be fixed in the resolution. The resolution shall fix the method of giving notice of redemption to the holder of the note to be redeemed and the price or prices at which the note shall be subject to redemption. A note so subject to call and redemption prior to maturity shall contain a recital to that effect on its face, and no note shall be subject to call or redemption prior to its fixed maturity date unless it contains such recital.
(Ord. 1294 § 1, 8-6-1974; Formerly § 16-181)
The proceeds from the sale of the bonds described in the resolution providing for the issuance of the notes shall be pledged for the payment of the bond anticipation note or notes and the interest thereon. The note or notes and the interest thereon are a first lien upon and charge against said proceeds.
(Ord. 1294 § 1, 8-6-1974; Formerly § 16-182)
Bond anticipation notes may be issued in such principal amount as is set forth in the resolution authorizing their issuance, which may include interest on the notes for their full term; provided, however, that such notes 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 notes, exceeds eighty percent (80%) of the authorized principal amount of the bonds described in the resolution authorizing the issuance of the notes.
(Ord. 1294 § 1, 8-6-1974; Formerly § 16-184)
Any bond anticipation notes outstanding may be refunded by the issuance of refunding notes in such amount as the Council may deem necessary to refund the principal of the notes to be so refunded, any unpaid interest to be paid in connection therewith, any discount and funded interest, and issuing expenses.
(Ord. 1294 § 1, 8-6-1974; Formerly § 16-185)