The City may, by ordinance or resolution of the Council, issue Obligations to refund
any Obligations issued pursuant to this Ordinance, or any other obligations of the
City theretofore issued to finance the Capital Cost of a Local Improvement, and provide
for the rights of the holders hereof. Such refunding Obligations may be issued in
an amount sufficient to provide for the payment of the principal of, redemption premium,
if any, and interest on the outstanding Obligations to be refunded. If the issuance
of such refunding Obligations results in an annual Assessment that exceeds the estimated
maximum annual Assessments set forth in the notice provided pursuant to Section 52.11 hereof, the Council shall provide notice to the affected property owners and conduct
a public hearing in the manner required by Article III of this Ordinance.
(Ord. of 1-22-1996, Doc. #29102)
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