The Commission may by resolution authorize the issuance of Bonds to refund any outstanding Bonds, without the need for additional Board approval, provided that (a) such refunding is expected to result in net debt service savings to the City on a present value basis of at least 3% calculated as provided in Article VI of this Chapter 43, and (b) such refunding Bonds are issued pursuant to an existing Trust Indenture. The General Manager shall provide a certification to the Commission regarding such expected net debt service savings on or prior to the issuance of such Bonds.
