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NS-1664
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Last modified
1/3/2012 1:04:08 PM
Creation date
6/26/2003 10:08:07 AM
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City Clerk
Doc Type
Ordinance
Doc #
NS-1664
Date
1/3/1983
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Section 10. SECURITY FOR LOANS. The City may hold <br />deeds of trust, mortgages or security interests as security <br />for loans and other obligations under this ordinance and may <br />pledge or assign the same as security for repayment of <br />bonds. Such deeds of trust, mortgages or security interests <br />may be assigned to, and held on behalf of the City by, any <br />bank or trust company appointed to act as trustee by the City <br />in any resolution or indenture providing for issuance of <br />bonds. <br /> <br /> Section 11. PROFESSIONAL SERVICES. The City may <br />employ such engineering, architectural, financial, <br />accounting, legal or other services as may be necessary in <br />the judgment of the City for the purposes of this ordinance. <br /> <br /> Section 12. ADDITIONAL POWERS. In addition to all <br />other powers specifically granted by this ordinance, the City <br />may do all things necessary or convenient to carry out the <br />purposes of this ordinance. <br /> <br /> Section 13. ISSUANCE OF BONDS; BONDS NOT DEBT OF <br />CITY. (a) The City may, from time to time, issue bonds for <br />any of the purposes specified in Sections 4, 5 and 6. Bonds <br />shall be negotiable instruments for all purposes, subject <br />only to the provisions of such bonds for registration. <br /> <br /> (b) Every issue of bonds shall be a limited <br />obligation of the City payable from all or any specified part <br />of the revenues and the moneys and assets authorized in this <br />ordinance to be pledged or assigned to secure payment oi <br />bonds. Such revenues, moneys or assets shall be the sole <br />source of repayment of such issue of bonds. Bonds issued <br />under the provisions of this ordinance shall not be deemed to <br />constitute a debt or liability of the City or a pledge of the <br />faith and credit of the City but shall be payable solely from <br />specified revenues, moneys and assets. The issuance of bonds <br />shall not directly, indirectly, or contingently obligate the <br />City to levy or pledge any form of taxation or to make any <br />appropriation for their payment. <br /> <br /> Ail bonds shall contain on the face thereof a <br />statement to the following effect: <br /> <br />Neither the faith and credit nor the taxing <br />power of the City is pledged to the payment <br />of the principal of or premium, if any, or <br />interest on this bond. <br /> <br /> Section 14. COSTS OF ISSUANCE. In determining the <br />amount of bonds to be issued, the City may include all costs <br /> <br /> <br />
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