Article V — Special Provisions

The Council may, at any time prior to the issuance of any series of bonds under this chapter, adopt a supplemental procedural resolution or resolutions for the purpose of granting statutory liens on gross or net revenues to secure the repayment of obligations incurred in connection with any one or more series of bonds or for any other lawful purpose. Any such supplemental resolution or resolutions shall be deemed to be an amendment to and part of this chapter. (Ord. 2597 § 2, 1987; Ord. 3279 § 2, 1996)

The Council may cause payment of principal, premiums on redemption (if any), and interest on any bonds issued under this chapter to be insured or guaranteed, and may include the premiums on such insurance or guaranty in determining the principal amount, and pay such premiums from the proceeds of the bonds.

(Ord. 2597 § 2, 1987; Ord. 3279 § 2, 1996)

The Council may authorize other arrangements for the enhancement of the credit standing or liquidity of any bonds issued under this chapter, including without limitation letters of credit, surety bonds, guarantees and similar arrangements, and may include the cost of such arrangements in determining the principal amount and pay such cost from the proceeds of the bonds.

(Ord. 2597 § 2, 1987; Ord. 3279 § 2, 1996)

Any bonds issued under this chapter may be issued on the basis that the interest thereon will be subject to federal income taxation, in which event the provisions of Chapter 11, commencing with Section5900, of Division 6 of Title 1 of the Government Code of the state shall apply. (Ord. 2597 § 2, 1987; Ord. 3279 § 2, 1996)

The Council has and may exercise all of the powers granted to a state or local government under said Chapter 11 cited in Section 3-12.150, in connection with bonds issued under this chapter, whether the interest on the bonds is exempt from federal taxation or not. (Ord. 2597 § 2, 1987; Ord. 3279 § 2, 1996)

All ordinances and resolutions, or parts of ordinances and resolutions, or other proceedings of the City in conflict with this chapter shall be and the same are repealed insofar as such conflict exists.

(Ord. 2597 § 2, 1987; Ord. 3279 § 2, 1996)

If any one or more of the articles, sections, clauses, phrases or words used in the ordinance codified in this chapter should be determined by a court of competent jurisdiction to be unconstitutional or otherwise contrary to law, then such articles, sections, clauses, phrases or words used in said ordinance shall be deemed and construed to be severable from the remainder of the ordinance and shall in no way affect the validity of the other provisions of said ordinance. (Ord. 2597 § 2, 1987; Ord. 3279 § 2, 1996)