(a) The Short-Term Indebtedness shall have such terms and conditions, not inconsistent with the terms of this Article, as the Director shall determine, provided that no Short-Term Indebtedness shall have a final maturity in excess of five years from its date or, in the case of refunding Short-Term Indebtedness, the date of the first issuance of Short-Term Indebtedness to which such refunding relates. The Short-Term Indebtedness shall be sold upon such terms and conditions as the Director shall determine. The Short-Term Indebtedness may be sold at competitive or negotiated sale as determined by the Board is in the best financial interest of the City and such determination may be delegated by the Board to the Director. Any Short-Term Indebtedness may be sold at a discount not to exceed 5% and at a premium, as the Director shall determine is in the best financial interest of the City.
(b) In connection with the issuance of any Short-Term Indebtedness, the Board may authorize the City to enter into credit enhancement or liquidity agreements, with payment, interest rate, currency, security, default, remedy, and other terms and conditions as the Director shall determine are in the best financial interest of the City.
(c) In connection with the issuance of any Short-Term Indebtedness, the Board may authorize the City to appoint such agents and other professionals as necessary or desirable as the Director shall determine.
(d) The total amount of Short-Term Indebtedness issued and outstanding shall at no time exceed the total amount of the authorized but unissued Bonds.
(Added by Ord. 5-09, File No. 081523, App. 1/16/2009)
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