At any time after the effective date of this ordinance and after the association completes
construction of the housing improvements as determined by the city, the council may
issue bonds in the principal amount necessary to finance the cost of the housing improvements
that have not been prepaid together with up to one hundred seventy-five [thousand]
dollars ($175,000.00) of financing costs including debt service reserve, costs of
issuance of the bonds and city processing fee, provided that the principal amount
of the bonds will not exceed one million five hundred twenty thousand dollars ($1,520,000.00).
Such bonds shall be issued pursuant to and in accordance with Section 428A.16 of the
Housing Improvement Act. (
Ord. No. 2017-024
, § 1, 5-26-17)
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