The City of Middletown shall have the power to incur indebtedness by issuing its bonds, notes or other obligations in accordance with the provisions of the General Statutes and for the following purpose:
A. 
for any purpose authorized by the General Statutes;
B. 
to fund an emergency expenditure;
C. 
to meet that portion of the cost, including damages incurred, of any public improvement, duly authorized, the cost of which is ultimately to be defrayed from benefits assessed, providing nothing in this section shall be taken to interfere with the power of the Council to provide for the issuance of assessment of benefits as provided in this Charter;
D. 
to prevent the City from defaulting on the principal or interest on its debt, the full amount of which, with interest to maturity, shall be included in the budget for the ensuing year wherein such notes shall be retired;
E. 
to pay for the acquisition and development of a project or land outside of the City for any purpose for which it may develop a project or land within the City; and,
F. 
in anticipation of the receipt of the collection of taxes for the current fiscal year, such notes to be repaid from the proceeds of such taxes and, if not paid in full before the end of such year, an amount equal to the unpaid balance thereof shall be included in the budget for the ensuing fiscal year.
A. 
Council Authorization of Issuance. The issuance of bonds, notes, or other obligations shall be authorized by Ordinance adopted by the Council. Provided however, if the total estimated cost of any improvement for which such obligations are proposed to be issued exceeds $500,000 but less than or equal to $750,000, no bonds, notes, or other obligations shall be issued for such improvement unless the Ordinance authorizing such issue shall have received a Majority Vote of the Common Council at its next meeting after a special public hearing on the ordinance, which public hearing shall be held on a date prior to the Council's consideration of the issue.
B. 
Referendum Authorizing Issuance. In the event such bonds, notes or other obligations for any improvement proposed to be issued exceeds $750,000, no bonds, notes, or other obligations shall be issued for such improvement unless the Ordinance authorizing such issue shall also be approved by a majority of those voting thereon at a general municipal election or referendum called and warned for that purpose subject to any State Statute that may appertain to or be in addition to the Charter requirements.
C. 
Notes in Anticipation of Taxes. Notes in anticipation of taxes shall be authorized by Resolution of the Council.
D. 
Notes to Prevent Default. Notes to prevent default on the principal or interest of the City's debt shall not be subject to referendum and shall be authorized upon Council adoption of a Resolution following certification to the Council by the Official of the City with the authority of a treasurer that, except for such borrowing, a default on the part of the City would take place. Such certification shall be spread on the minutes of the Council.
The Ordinance authorizing the issuance of bonds, notes or other obligations shall set forth
A. 
The purpose for which the obligations are to be issued and, if they are to be issued for a public improvement, a description in brief and general terms of such improvement together with an estimate of its cost and the portion, if any, of such cost to be defrayed from sources, specifying the same, other than the proposed bond issue;
B. 
The amount of the proposed issue;
C. 
A statement showing that the proposed issue is within the limitations as provided herein; a determination of the estimated useful life of the improvement, if any, for which the obligations are to be issued; and,
D. 
A determination that the principal and interest on the proposed issue are to be paid from property taxes and that the full faith and credit of the City are pledged to such payment.
When ten (10) Days shall have elapsed after the passage and publication of a bond Ordinance or, in the event of a referendum, the recitals or statements of facts therein shall be deemed to be true for the purpose of determining the validity of the bonds and the Ordinance shall be conclusively presumed to have been duly and regularly passed and to comply with the provisions of this Charter and the validity of such bond Ordinance shall not thereafter be questioned by either a party plaintiff or a party defendant except in a suit, action or proceeding commenced prior to the expiration of such ten (10) Days.
The powers granted to the City of Middletown in this Chapter shall be construed to be in addition to, and not in limitation of, any powers granted to said City under the provisions of any other Special Act.