§ 20-121. General authority.

(a)

Upon adoption of the final assessment resolution imposing assessments to fund a local improvement or at any time thereafter, the board shall have the power and is hereby authorized to provide by resolution, at one time or from time to time in series, for the issuance of obligations to fund the debt-funded capital cost thereof.

(b)

The principal of and interest on each series of obligations shall be payable from pledged revenue. At the option of the board, the county may agree, by resolution, to budget and appropriate funds to make up any deficiency in the reserve account established for the obligations or in the payment of the obligations, from other non-ad valorem revenue sources. The board may also provide, by resolution, for a pledge of or lien upon proceeds of such non-ad valorem revenue sources for the benefit of the holders of the obligations. Any such resolution shall determine the nature and extent of any pledge of or lien upon proceeds of such non-ad valorem revenue sources.

(Ord. No. 10-10, Art. IV, § 4.01, 5-3-10)