Measures to authorize issuance of bonds shall state therein whether such bonds will be general obligations of the City or limited to particular sources of revenue. Such measures shall also state in general terms the objectives or purposes for which the proceeds are to be used, but need not state that a portion of the proceeds may be used for cost of advertising, bond issuance and sale, legal fees and costs, planning, engineering, inspection, administrative costs and other costs found necessary to permit utilization, furtherance or completion of the objectives and purposes set forth in such measure, and such use hereby is authorized. The Council may provide by ordinance details or amplification in connection with the expenditure of the proceeds of any bond issue.
After approval by a majority of the electors voting on a bond measure, the Council shall, before issuing any such bonds, determine the denominations, form and term for such bonds. The Council shall prescribe the dates for the redemption of each bond issue and may authorize the issuance of bonds from time to time within the limitation of the amount authorized. Such bonds shall bear the facsimile signature of the Mayor and the Auditor of the City of Portland in the manner prescribed by the City in authorizing the sale of bonds. By each of such bonds the City shall be held in substance and effect to undertake and promise to pay to the holder of each of said bonds at the expiration of the time specified therein, the sum named therein, in lawful money of the United States of America, and promise to pay interest thereon in like lawful money at such rate as the Council may determine, not exceeding the percentage fixed by the Council, payable at such periods as shall be provided by the Council. The Council may prescribe other features of such bonds.
None of such bonds shall be sold without prior advertisement in the manner prescribed by law, and all sales shall be to the bidder whom the Council finds to have made the bid most advantageous to the City. The Council may, in its discretion, provide that competitive bidding shall be partially or wholly upon rate or rates of interest, and in that case the award shall be fixed according to the bid which, in the opinion of the Council, would be most advantageous to the City. The Council shall have the right to reject any and all bids or alternative bids, and to proceed to readvertise when bids are not satisfactory, so as to obtain satisfactory bids, which may be called for on the same or different basis. The Council shall exercise such other and additional powers and authority, within the restrictions above mentioned, relating to the issuance of bonds as may be necessary or convenient for accomplishing the objectives hereof.
The Council shall by ordinance establish a special fund and fix the designation thereof, into which fund the proceeds from the sale of bonds issued under particular authority shall be placed, and the City Treasurer shall have the care and custody of all money deposited in such fund.
The Council may establish a separate sinking fund from which to pay and redeem bonds issued under a particular authorization.
Whenever a commission has been or shall be authorized to issue bonds, by an existing Charter provision or provision approved simultaneously with adoption of this Section or any future measure, acts required or authorized by this Section to be done by the Council shall be required or authorized to be done by such commission. [1942 recod., see Chapter XI; new sec. Nov. 6, 1962; rev. May 15, 1984.]