§ 52.24. General Authority.

(A)

Upon adoption of the Final Assessment Resolution imposing Assessments to fund a Local Improvement or at any time thereafter, the Council shall have the power and is hereby authorized to provide by ordinance or resolution, at one time or from time to time in series, for the issuance of Obligations to fund the Capital Cost thereof and any amounts to be paid or accrued in connection with issuance of such Obligations including, but not limited to capitalized interest, transaction costs and reserve account deposits.

(B)

The principal of and interest on each series of Obligations shall be payable from Pledged Revenue. At the option of the Council, the City may agree, by ordinance or resolution, to budget and appropriate funds to make up any deficiency in the reserve account established for the Obligations or in the payment of the Obligations, from other non-ad valorem revenue sources. The Council may also provide, by ordinance or resolution, for a pledge of or lien upon proceeds of such non-ad valorem revenue sources for the benefit of the holders of the Obligations. Any such ordinance or resolution shall determine the nature and extent of any pledge of or lien upon proceeds of such non-ad valorem revenue sources.

(Ord. of 1-22-1996, Doc. #29102)