§ 3.154.130 — Refunding bonds

3.154.130 Refunding bonds.

The city council may issue bonds to refund outstanding bonds issued under this chapter and to refund other obligations, including bonds, notes, loans, interim certificates, debentures, installment-purchase agreements, and leases, that were incurred to finance capital-improvement costs. Such a refunding includes payment of the principal, purchase price, interest, redemption premiums (if any) of the outstanding bonds or other obligations, carrying costs associated with any refunding escrow, and applicable costs of issuance. At the discretion of the city council, based on the city treasurer's recommendation, the proceeds of bonds issued to refund such outstanding bonds or other obligations may be applied to the retirement of the outstanding bonds or other obligations at maturity or to the redemption (on any redemption date) or purchase of the outstanding bonds or other obligations before maturity, upon such terms as the city council authorizes or determines to be appropriate. (Ord. 2021-0004 § 3; Ord. 2018-0041 § 2)