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<br />The City Council hereby determines that it is advisable to contract a debt and to issue and <br /> <br />sell the Refunding Bonds. The proceeds from the sale of the Refunding Bonds shall be used to <br /> <br />refund, redeem, and/or defease the Prior Obligations and to pay the costs of issuing the <br /> <br />Refunding Bonds. <br /> <br />The issuance and sale of the Bonds in one or more series from time to time in accordance <br /> <br />with this Ordinance are authorized. <br /> <br />2. Pledge of Full Faith and Credit. The full faith and credit of the City are hereby <br /> <br /> <br />irrevocably pledged for the payment of the principal of, premium, if any, and interest on the <br /> <br /> <br />Bonds as the same become due and payable. The City Council shall levy an annual ad valorem <br /> <br /> <br />tax upon all property in the City subject to local taxation sufficient to pay the principal of, <br /> <br /> <br />premium, if any, and interest on the Bonds as the same shall become due for payment unless <br /> <br /> <br />other funds are lawfully available and appropriated for the timely payment thereof. <br /> <br />3. Designation of City Representative. For the purposes set forth in this Ordinance, <br /> <br /> <br />the term "City Representative" shall mean the City Manager and the Chief Financial Officer, <br /> <br /> <br />either of whom may act. <br /> <br />4. Details and Sale of Bonds. The Bonds shall be issued and sold upon the terms <br /> <br /> <br />established pursuant to this Ordinance and upon such other terms as may be determined in the <br /> <br /> <br />manner set forth in this Ordinance. The Bonds shall be issued in fully registered form, shall be <br /> <br /> <br />dated such date as the City Representative may approve, and shall be in denominations of $5,000 <br /> <br /> <br />and integral multiples thereof. The Bonds shall be numbered from R-1 (or such other <br /> <br /> <br />designation as the City Representative may approve) upwards consecutively. The Bonds shall be <br /> <br />issued in one or more series in such aggregate principal amounts, and may be combined with <br /> <br />-2- <br />