Issuance of bonds; authorization; form

(1) Bonds issued or delivered under the Good Life District Economic Development Act shall be authorized by resolution of the city's governing body, may be issued and secured under a resolution, trust indenture, or other security instrument in one or more series, and shall bear such date or dates, mature at such time or times prior to the expiration of the program, bear interest at such rate or rates, be in such denomination or denominations, bear such title and designation, be in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable in such medium of payment and at such place or places, and be subject to such terms of redemption, with or without premium, as such resolution, trust indenture, or other security instrument may provide and without limitation by any other law limiting amounts, maturities, interest rates, or redemption provisions. Any officer authorized or designated to sign, countersign, execute, or attest any bond may utilize a facsimile signature in lieu of his or her manual signature. The bonds may be sold at public or private sale as provided by the city's governing body and at such price or prices as determined or directed by such governing body.

(2) Bonds issued or delivered under the Good Life District Economic Development Act may be issued for such combination of eligible costs and redevelopment projects and other purposes, and may be payable from such sources as permitted under the act, as may be provided in the resolution, trust indenture, or other security instrument related to the bonds. The city may make any allocation or designation with respect to the application of proceeds of such bonds, and any allocation or designation of local sources of revenue and other sources permitted under the act to the repayment of such bonds, as determined in or pursuant to such resolution, trust indenture, other security instrument, or other measure of the governing body of the city. To the extent a portion of such bonds are issued to finance or refinance a redevelopment project, any taxes collected by the city pursuant to section 18-2147 which are pledged for and applied to payment of such bonds shall be deemed to be allocated and applied to repayment of such bonds prior to and to the exclusion of any other local sources of revenue or other repayment sources permitted under the Good Life District Economic Development Act.