§ 2-351. Authorization to issue commercial paper.

(a)

Whenever the city is authorized by law to issue bonds, notes or certificates, including but not limited to general obligation bonds, revenue bonds, bond anticipation notes, tax anticipation notes, or revenue anticipation certificates, the chief financial officer is authorized to issue commercial paper notes in accordance with the provisions set forth in O.C.G.A. § 36-82-240, et seq., as may be amended from time to time.

(b)

When the chief financial officer deems that issuance of commercial paper is prudent for the undertaking of certain capital projects, the council shall authorize the chief financial officer to set the maturity dates, principal amounts, redemption provisions, interest rates and other terms and conditions, subject to the parameters established by resolution of the city council.

(c)

The chief financial officer, in consultation with the city's financial advisors, is empowered to conduct the transaction of commercial paper notes by competitive or negotiated sale in public offerings and private placements.

(d)

In addition to the criteria set forth in Code section 2-323(i), the chief financial officer shall also consider experience as potential underwriters/commercial paper dealers when choosing a financial institution(s) for tax-exempt commercial paper transactions.

(Ord. No. 2004-47, § 1, 8-20-04)