§ 3.04.030. Issuance authority and procedures.

Whenever the city council has accepted a bid for the sale of bonds and ordered that bonds shall be issued, the following procedures shall be required:

A.

Printing. The finance director/city treasurer is authorized and directed to cause the necessary bonds to be engraved or lithographed.

B.

Receipt for Execution. The city clerk is authorized and directed to receive the bonds for the purpose of securing their due execution.

C.

Signing of Bonds. The mayor and finance director/city treasurer are authorized and directed to sign all of the bonds with their lithographed or engraved signatures.

D.

Signing of Coupons. The finance director/city treasurer is authorized and directed to sign all of the interest coupons of said bonds with his or her lithographed or engraved signature.

E.

Countersigning and Seal. The city clerk is authorized and directed to countersign said bonds and affix the corporate seal of the city thereto.

F.

Delivery to Purchasers. The finance director/city treasurer is authorized to receive said bonds so signed, countersigned and sealed from the city clerk and to deliver the same to the purchasers or their duly authorized representatives upon receipt of the purchase price therefor.

G.

Receipt of Payment. The finance director/city treasurer may receive payment of said purchase price in cash or certified Federal Reserve Bank Funds.

(Prior code § 1612)

(Ord. No. 1145, § 1(R), 10-2-2012)