Sec. 500.111. - Issuance of revenue bonds.

(a) (1) When authorized or approved by ordinance of the Council, the City may issue revenue bonds as empowered in Section 500.108 from time to time to finance the undertaking of any community redevelopment under this Part, including, without limiting the generality thereof, the payment of principal and interest upon any advances for surveys and plans or preliminary loans, and has power to issue refunding bonds for the payment or retirement of bonds or other obligations previously issued. However, in no event shall any revenue bonds or other obligations issued to finance any project under this Part mature later than the expiration of the plan in effect at the time such bonds or obligations were issued. The security for such bonds may be based upon the anticipated assessed valuation of the completed project and any such other non-ad valorem revenues of the City as are legally available and pledged for such purpose in a subsequent ordinance. (2) In anticipation of the sale of revenue bonds pursuant to paragraph (a), the City may issue bond anticipation notes and may renew such notes from time to time. Such notes shall be paid from any sources which may be used to pay or secure revenue bonds under this Part and not otherwise pledged or from the proceeds of sale of the revenue bonds in anticipation of which they were issued. (b) Bonds issued under this Section shall not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. Bonds issued under the provisions of this Part are declared to be issued for an essential, paramount public and governmental purpose. (c) Bonds issued under this Section shall be authorized by ordinance of the Council; may be issued in one or more series; and shall bear such date or dates, be payable upon demand or mature at such time or times, bear interest at such rate or rates, be in such denomination or denominations, be in such form either with or without coupons or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable in such medium of payment at such place or places, be subject to such terms of redemption (with or without premium), be secured in such manner, and have such other characteristics as may be provided by such ordinance or trust indenture issued pursuant thereto. Bonds issued under this Section may be sold in such manner, either at public or private sale, and for such price as the Council may determine will effectuate the purposes of this Part. (d) In case any of the public officials of the City whose signatures appear on any bonds issued under this Part cease to be such officials before the delivery of such bonds, such signatures are, nevertheless, valid and sufficient for all purposes, the same as if such officials had remained in office until such delivery. (e) In any suit, action, or proceeding involving the validity or enforceability of any bond issued under this Part, or the security therefor, any such bond reciting in substance that it has been issued by the City in connection with community redevelopment, as herein defined, shall be conclusively deemed to have been issued for such purpose, and such project shall be conclusively deemed to have been planned, located, and carried out in accordance with the provisions of this Part. (f) The revenue bonds and notes of every issue under this Part may be payable out of and secured by a lien on the increment received by the City and deposited to the appropriate redevelopment trust fund in accordance with Section 500.112 . If so payable, the lien created by such bonds or notes shall not attach until the revenues referred to herein are deposited in the redevelopment trust fund at the times, and to the extent that, such revenues accrue. The holders of such bonds or notes have no right to require the imposition of any tax or the establishment of any rate of taxation in order to obtain the amounts necessary to pay and retire such bonds or notes. (g) Revenue bonds issued under the provisions of this Part shall not be deemed to constitute a debt, liability, or obligation of the City or the State or any political subdivision thereof, or a pledge of the faith and credit of the City or the State or any political subdivision thereof, but shall be payable solely from the revenues provided therefor. All such revenue bonds shall contain on the face thereof a statement to the effect that the City shall not be obligated to pay the same or the interest thereon except from the revenues of the City held for that purpose and that neither the faith and credit nor the taxing power of the City or of the State or of any political subdivision thereof is pledged to the payment of the principal of, or the interest on, such bonds. (Ord. 2000-1078-E, § 1.03)