(a) The City, pursuant to ordinance, may issue its bonds without an election for the purpose of refunding outstanding bonds to accomplish any refunding purpose determined by the Council to be advantageous and favorable to the City. Any refunding bonds which are revenue bonds may be payable in whole or in part from the available proceeds of a City sales, use, occupational privilege and/or admissions tax or any combination of sources of revenue other than ad valorem property taxes, without a vote of the registered electors.

(b) Refunding bonds may be issued in such principal amounts and otherwise on such terms as the Council may determine to be necessary or appropriate to accomplish the refunding purpose. The period of payment or refunding bonds shall not exceed the time necessary or appropriate to accomplish the refunding purpose and in no event shall exceed a longer term than thirty (30) years from the date of the refunding bonds. (Amended at election held Nov. 6, 1990)