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Section 20-79. Sale of bonds. <br /> The City may sell the bonds so authorized at public or private sale, at the times <br />and in the manner the City Council deems appropriate. However, all bonds sold at public <br />sale shall be sold on sealed proposals after advertising for bids by publication of notice of <br />sale, not less than 5 days prior to the date of sale, in a newspaper of general circulation <br />circulating in the City. If no bids are received or the bids received are not satisfactory as <br />to price or responsibility of the bidders, the City Council or its designee may reject all <br />bids received, if any, and either readvertise or sell the bonds at private sale. <br />Section 20-80. Force, value and use of bonds; exemption from state taxation. <br /> Any bonds issued by a district organized under the provisions of this Code are <br /> hereby given the same force, value and use as bonds issued by any municipality and shall <br /> be exempt from all taxation within the State. <br /> <br />Section 20-81. Refunding bonds; resolution. <br /> <br /> The City Council may, by resolution, authorize the issuance of new bonds to <br />refund any or all of the district bonds outstanding or improvement area bonds <br />outstanding that have been issued pursuant to this article. <br /> The City Council may issue refunding bonds without repeating any of the <br />procedures required for the approval of the original bond issue, if the City Council <br />determines that the total net interest cost to maturity on the refunding bonds plus the <br />principal amount of the refunding bonds does not exceed the total net interest cost to <br />maturity on the bonds to be refunded plus the principal amount of the bonds to be <br />refunded. Subject to such limitations, the principal amount of the refunding bonds may <br />be more than, less than, or the same as the principal amount of the bonds to be refunded. <br /> The total authorized amount of the bonded indebtedness of a district or an <br /> improvement area therein, as approved by the qualified voters thereof, shall not be <br /> reduced by the principal amount of any refunding bonds issued to refund any or all <br /> outstanding bonds of the district or improvement area. <br /> <br /> Section 20-82. Refunding bonds; resolution for issuance. <br /> If the City Council determines to issue refunding bonds pursuant to this article it <br /> shall adopt a resolution providing for their issuance. T~he resolution shall: <br /> (a) Describe the bonds being refunded and state the date on which it is <br /> anticipated that the refunding will occur. <br /> <br /> (b) Fix the date of the refunding bonds. <br /> <br /> (c) Designate the denomination or denominations of the refunding bonds. <br /> (d) Fix the minimum rate or rates of interest to be paid on the refunding <br /> ~ bonds. <br /> <br />-33- <br /> <br /> <br />