Subject to the applicable provisions of state law and this Charter,
the Council may by ordinance or resolution authorize the borrowing
of money and the issuance of Village bonds or other evidence of indebtedness
for any purpose within the Village's scope of powers. The Council
may pledge the Village's full faith, credit and resources for
the payment of the obligation so created.
The Village shall have the power to issue all types of bonds
in the manner and for the purposes permitted by the Constitution and
the laws of the state.
Each bond or other evidence of indebtedness shall contain on
its face a statement specifying the purpose for which it is issued.
No officer of the Village may use the proceeds from the bond or other
evidence of indebtedness for any other purpose. A complete and detailed
record of all bonds and other evidences of indebtedness issued by
the Village shall be kept by the Clerk/Treasurer.
