The Obligations shall be dated, shall bear interest at such rate or rates or pursuant
to such interest rate determination methods, shall mature at such times as may be
determined by ordinance or resolution of the Council, may be subject to optional and
mandatory tenders and may be made redeemable before maturity, at the option of the
City, at such price or prices and under such terms and conditions, all as may be fixed
by the Council. Said Obligations shall mature not later than 40 years after their
issuance and shall bear interest at a rate not exceeding the maximum rate permitted
by law. The Council shall determine by ordinance or resolution the form of the Obligations,
the manner of executing such Obligations, and shall fix the denominations of such
Obligations, the place or places of payment of the principal and interest, which may
be at any bank or trust company within or outside of the State of Florida, and such
other terms and provisions of the Obligations as it deems appropriate. The Obligations
may be sold at public or private sale for such price or prices as the Council shall
determine by ordinance or resolution. The Obligations may be delivered to any contractor
to pay for his work in constructing the Local Improvements or may be sold in such
manner and for such price as the Council may determine by ordinance or resolution
to be for the best interests of the City.
(Ord. of 1-22-1996, Doc. #29102)
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