Mountain View Municipal Code Art. V Bonded Indebtedness

The city may incur indebtedness for any municipal improvement in the manner provided by Chapter 4 (commencing with Section 43600) of Division 4 of Title 4 of the Government Code of the State of California, as now or hereafter amended. Except as otherwise expressly provided in this article, the provisions of said chapter shall apply to the authorization, issuance and sale of the bonds representing said indebtedness.

(Ord. No. 30.70, 8/14/70.)

The ordinance ordering the submission of the proposition of incurring a bonded debt to the qualified voters of the city may recite that the maximum rate of interest on the indebtedness shall not exceed nine (9) percent per annum.

(Ord. No. 30.70, 8/14/70.)

The bonds may be issued and sold at public or private sale, at par and at an interest rate not to exceed the rate set forth in the ordinance, or below par and at a coupon interest rate which will produce a net effective interest rate of not to exceed nine (9) percent per annum, computed according to standard bond interest tables.

(Ord. No. 30.70, 8/14/70.)

Whenever the voters of the city have authorized the incurring of a bonded indebtedness at a special municipal bond election held either prior to or after the effective date of this ordinance under a law establishing the maximum rate of interest at which said bonds may be sold at a rate less than the rate set forth in Sec. 17.196, the council may submit to the qualified electors of the city the proposition of whether the maximum interest rate at which any unissued portion of said bonds may be sold shall be increased to a higher rate up to but not exceeding the maximum rate of interest authorized by law at the time of sale of any part of the bonds. A single proposition or propositions covering all of the measures submitted at said prior election may be submitted at the subsequent election authorized by this section.

(Ord. No. 30.70, 8/14/70.)

The election authorized by Sec. 17.197, shall be called, held and conducted in the same manner as the election at which the original bond proposition was submitted.

(Ord. No. 30.70, 8/14/70.)

If any proposition submitted pursuant to Sec. 17.197 receives the vote required by law to authorize the incurring of an indebtedness, the unissued portion of said bonds may be issued and sold within the limits established by the proposition approved by the voters.

(Ord. No. 30.70, 8/14/70.)