§ 4.54.110. Refunding bonds and defeasance of bonds.

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The Council may provide for the issuance of bonds any portion of which is to be used for the purpose of refunding outstanding bonds, including the payment of the principal thereof and interest and redemption premiums, if any, thereon. The proceeds of bonds issued to refund any outstanding bonds may, in the discretion of the Council, be applied to the retirement of such outstanding bonds at maturity, or the redemption (on any redemption date) or purchase of such outstanding bonds prior to maturity, upon such terms and subject to such conditions as the Council shall deem advisable.

Bonds may be defeased by depositing cash and/or treasury securities in an escrow fund in an amount necessary to pay such bonds on and prior to redemption or maturity.

(Ord. No. 13403, § 2, 11-29-2016)

                    
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