The governing authority of the City shall have the power to
appropriate so much of the general revenues of the City as may be
necessary for the purpose of retiring and discharging the accrued
indebtedness of the City, and for the purpose of improving the streets,
purchasing or constructing sewers, erecting and maintaining public
buildings of every kind, and for purchasing or constructing waterworks
plants and systems and for the purpose of purchasing, erecting, maintaining
and operating an electric light and power plant and such other public
utilities as the governing authority may from time to time, deem expedient,
and in furtherance of any and all of these subjects the City shall
have the right and power to borrow money upon the credit of the City
and to issue coupon bonds of the City therefor, in such sum or sums
as may be deemed expedient.
(Amended 5/7/1988)
All bonds shall specify for what purpose they are issued and
shall be invalid if sold by the City for less than their par value,
and when any bonds are issued by the City a fund shall be provided
to pay the interest and create a sinking fund to redeem said bonds,
which fund shall not be diverted or drawn upon for any other purpose,
and the person acting as City Treasurer shall honor no drafts upon
said fund except to pay interest upon or redeem the bonds for which
it was provided.
Said bonds shall be issued for a period of time not to exceed
forty (40) years; shall be signed by the Mayor, countersigned by the
person acting in the capacity of City Secretary and both principal
and interest shall be payable at such places and times as may be fixed
by the ordinance of the governing authority. All such bonds shall
be submitted to the Attorney General of the State for his approval,
and the Comptroller for registration, as provided by State Law; provided,
that any such bonds, after approved [sic], may be issued by the City
either optional or serial, or otherwise, as may be deemed advisable
by the governing authorities.
Before the issuance of any bonds the same shall be submitted
to a vote of the qualified property tax paying voters of the City
as required by the general laws of the State.
No bonds shall be sold until sale has first been advertised
in a newspaper once each week for a period of thirty days. All sales
shall be in open meeting of the Council.
(Amended 12/10/1925)
