§ 99.0201 — Issuance of Bonds

§99.0201 Issuance of Bonds

The City Council may from time to time by resolution authorize the issuance of bonds pursuant to this ordinance for the purpose of establishing a loan fund to be used to assist property owners with the rehabilitation of property located in residential rehabilitation areas. The repayment of principal, interest and other charges on the loans to property owners, together with such other monies as the City Council may, in its discretion and for a public purpose, make available therefor, shall be the sole source of funds pledged by the City for repayment of such bonds. Bonds issued under the provisions of this chapter 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 the funds specified in this section. The issuance of such bonds shall not directly, indirectly or contingently obligate the City Council to levy or to pledge any form of taxation whatever therefor, or to make any appropriation for their payment.

(“Issuance of Bonds” added 1–23–75 by O–11483 N.S.)