How the county issues bonds for business improvement districts

(a) Whenever the council deems it necessary or appropriate that business improvement district bonds be issued to finance the cost of supplemental improvements or to reimburse the cost thereof previously paid, the council may authorize the issuance of bonds. The issuance shall be authorized by a bond ordinance approved with or after the approval of the ordinance establishing the district and levying the assessment to finance the costs of supplemental improvements. The bond ordinance shall provide for the following: (1) The issuance of the bonds in one or more series; (2) The date the bonds shall bear; (3) The maturity date or dates of the bonds, which shall not be more than thirty years after the issuance date of the bonds; (4) The rate or maximum rate of interest on the bonds, which shall not exceed the maximum rate permitted by law and which may be fixed or variable and simple or compound; (5) The time or times at which interest shall be payable; (6) The denomination of the bonds; (7) The form of the bonds; (8) The conversion or registration privileges carried by the bonds; (9) The rank or priority of the bonds; (10) The manner of execution of the bonds; (11) The medium of payment of the bonds; (12) The place or places of payment; (13) The terms of redemption and the redemption price or prices to which the bonds are subject; (14) The pledge or assignment of all or part of the assessments collected from the district thereof, the liens securing such assessments, or any other funds which are intended by the council to secure payment of the bonds. The pledge shall be superior to all other claims on the assessments (except to the extent otherwise provided in this chapter and the bond ordinance); (15) The establishment and handling of a separate special fund or funds to pay or secure the bonds or to pay for the costs of supplemental improvements or incidental expenses; (16) The obligations in which may be invested the proceeds of the bonds and any other funds (including assessments) pledged to secure payment of the bonds; and (17) Any other provisions for the issuance, payment, security, credit enhancement, handling of funds, default, remedy, or other matter related to the bonds, which the council deems appropriate. (b) The bond ordinance may provide that any or all of the terms listed in this section or elsewhere in this article may be determined and fixed by the director of finance at or prior to the delivery of the bonds or in an indenture, trust agreement, or fiscal agent agreement between the County and a corporate trustee or fiscal agent located within or without the State. (2004, ord 04-94, sec 1.)35-49