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286 <br /> <br /> (e) Fix the maturity dates of the refunding bonds, which may exceed the <br />latest maturity date of the bonds being refunded, provided that the latest maturity <br />date of the refunding bond shall not be in excess of fifty years from the date of <br />issuance of the bonds to be refunded. <br /> <br /> (f) Designate the place or places of payment of principal and interest on <br />the refunding bonds and on the bonds to be refunded. <br /> <br />(g) Describe the form of the refunding bonds. <br /> <br />Section 20-83. Sale of Refunding bonds. <br /> <br /> The City Council may sell the refunding bonds at public or private sale. The <br />proceeds of any sale of refunding bonds for cash shall be applied only as permitted by <br />this article. <br /> <br />Section 20-84. Amount of proceeds and investments in funding fund. <br /> <br /> The proceeds of the refunding bonds and the earnings thereon shall be in an <br />amount sufficient to meet either the requirements of paragraph (a)' or paragraph Co) at <br />the time of issuance of the refunding bonds, as certified by a certified public accountant <br />licensed to practice in this state. <br /> <br /> (a) The proceeds (including any amounts in any reserve fund established <br />for the bonds to be refunded not needed for purposes of the refunding bonds) and <br />investments, together with any interest or other gain to be derived from any such <br />investment, shall be in an amount sufficient to pay the principal, interest, and <br />redemption premiums, if any, on the refunded bonds as they become due or at <br />designated dates prior to maturity and the costs of issuance of the refunding <br />bonds, <br /> <br /> (b) The proceeds (including any amounts in any reserve fund established <br />for the bonds to be refunded not needed for purposes of the refunding bonds) and <br />investments, together with any interest or other gain to be derived from any such <br />investment, shall be in an amount sufficient to pay the principal, interest, and <br />redemption premiums, if any, on the refunding bonds prior to the maturity of the <br />bonds to be refunded or prior to a designated date or dates before the maturity of <br />the bonds to be refunded, the principal and any redemption premiums due on the <br />refunded bonds at maturity or upon that designated date or dates, and the costs of <br />issuance of the refunding bonds. <br /> <br />Section 20-85. Refunding bonds; use of savings; reduction of tax levy. <br /> <br /> Any savings achieved through the issuance of refunding bends shall be used to <br />reduce the special taxes which were levied to retire the bonds being refunded. At the <br />time the City Council makes a determination to issue the refunding bonds, it shall <br />determine and cause to be made any reductions in the annual tax in the district, which <br />reduction shall be made on a pro rata basis. <br /> <br />-34- <br /> <br /> <br />