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ORDINANCE NO. NS- 1609 PAGE EIGHT Sec. 28-12. Personal Liability. Neither the members of the City Council nor any person executing the Bonds shall be liable personally on the Bonds or be subject to any personal liability or accountability by reason of the issuance thereof. Sec. 28-13. Refunding Bonds. The City Council may provide for the issuance of Bonds any portion of which is to be used for the purpose of refunding outstanding Bonds, including the payment of the principal thereof and interest and redemption premiums, if any, thereon. The proceeds of Bonds issued to refund any outstanding Bonds may, in the discretion of the City Council, be applied to the retirement of such outstanding Bonds at maturity, or the redemption (on any redemption date) or purchase of such outstanding Bonds prior to maturity, upon such terms and subject to such conditions as the City Council shall deem advisable. Sec. 28-14. Repayment of Bonds. Revenues shall be the sole source of funds pledged by the City for repayment of Bonds issued hereunder. Bonds issued hereunder shall not be deemed to constitute a debt or liability of the City or a pledge of the faith and credit of the City but shall be payable solely from Revenues. All Bonds shall contain on the face thereof a statement to the following effect: "Neither the faith and credit nor the taxing power of the City is pledged to the payment of the principal of or interest on this Bond." The issuance of Bonds shall not directly, indirectly or contingently obligate the City Council to levy or pledge any form of taxation or to make any appropriation for their payment. ARTICLE IV. FINANCING OF PROJECTS Sec. 28-15. Authority to Assist 'Projects~ The City may provide financing to any Participating Party for, or otherwise assist the acquisition of, duly approved Projects pursuant to this Chapter. Sec. 28-16. Loan Agreements. The City may enter into loan agreements with any Participating Party with respect to the financing of a Project, which agreements may provide that the architectural and engineering design of the Project shall be subject to such standards as may be established by the City and that the acquisiton of the Project shall be subject to such supervision as the City deems necessary. The terms and conditions of such loan agreements may be as mutually agreed upon, but shall not be inconsistent with the provisions of this Chapter or the Rules and Regulations. Any such loan agreement may provide the means or methods by which any mortgage taken by the City shall be discharged, and it shall contain a covenant by the Participating Party to complete