Subject to the applicable provisions of State law and this Charter, the Council, by proper ordinance or resolution, may authorize the borrowing of money for any purpose within the scope of the powers vested in the City and the issuance of bonds of the City or other evidences of indebtedness therefor, and may pledge the full faith, credit, and resources of the City for the payment of the obligation created therefor.
The City may not incur indebtedness by the issue of bonds or otherwise, in any sum which, including existing indebtedness, shall exceed 10% of the assessed valuation of the real and personal property within the City subject to taxation as shown by the last preceding assessment roll of the City; provided, however, that in the case of fire, flood or other calamity requiring an emergency fund for the relief of the inhabitants of the City or for the repairing or rebuilding of any municipal building, works, bridges or streets, the legislative body of the City may borrow money due in not more than five years and in the amount not exceeding 3/8 of 1% of the assessed valuation of all the real and personal property in the City, notwithstanding such loan may increase the indebtedness of the City beyond the limitation fixed in this Charter; Provided, further, that in computing the net bonded indebtedness for the purposes hereof, bonds issued in anticipation of the payment of special assessments, even though they are also a general obligation of the City, mortgage bonds which are secured only by a mortgage on the property or franchises of the public utility, and bonds issued to refund moneys advanced or paid on special assessments for water main extensions, shall not be included, and the resources of the sinking fund pledged for the retirement of any outstanding bonds shall also be deducted from the amount of the bonded indebtedness.
Each bond or other evidence of indebtedness shall contain on its face a statement specifying the purpose for which the same is issued and it shall be unlawful for any officer of the City to use the proceeds thereof for any other purpose, and any officer who shall violate this provision shall be deemed guilty of misconduct in office. All bonds and other evidences of indebtedness issued by the City shall be signed by the Mayor and countersigned by the Clerk, under the seal of the City. Interest coupons may be executed with the facsimile signatures of the Mayor and Clerk. A complete and detailed record of all bonds and other evidences of indebtedness issued by the City shall be kept by the Clerk. Upon payment of any bond or other evidence of indebtedness, the same shall be marked "cancelled".
No unissued bonds of the City shall be issued or sold to secure funds for any purpose other than that for which they were specifically authorized.