[Amended and adopted 4-1-1957]
The City and the Commission thereof may borrow money and issue
bonds therefor on the faith and credit of said City, provided that
at no time shall the bonded indebtedness of the City exceed 5% of
the assessed valuation of all real and personal property in the City.
School bonds, bonds issued to cover cost of improvements to be paid
by special assessment, and bonds issued to cover the cost of purchasing
or installing or improving or extending public utilities which are
a lien or mortgage on the utility and are payable from the income
of such utility and which are not a general obligation of the City,
shall not be included in the aforesaid limitation.
[Amended and adopted 12-8-1926]
The City, and the Commission thereof, may borrow money and issue
bonds therefor to pay the cost and expense of enlarging, extending,
or improving the water works system of said City, either within or
without said City, and to pay the cost of contracting for means or
sources of water supply, which said bonds may be secured by mortgage
upon the water works system including a franchise stating the terms
upon which, in case of foreclosure, the purchaser may operate the
same, which franchise shall not extend for a longer period than 20
years from the date of foreclosure.
The said mortgage bonds shall not be issued or sold unless the
amount of the proposed loan and the terms of the proposed security
franchise shall have been approved by a three-fifths majority of the
electors voting thereon at a general or special election.
That a sinking fund shall be created by the City Commission
by setting aside such percentage of the gross earnings of the water
works system and its revenues as may be sufficient for the payment
of the mortgage bonds at maturity and the interest thereon.
Said bonds shall bear interest at a rate of not more than 5 1/2%
per annum.
Bonds may be issued for the following purposes: sewers, drains,
sewage disposal and treatment works and, for enlarging, improving,
or extending same; water works, water mains, water filtration, or
purifying plants and works, for increasing the water supply and the
distribution and protection thereof; fire stations, fire fighting
equipment, fire alarm apparatus, police stations, police equipment,
police telegraph and alarm equipment; for the purchase or installation
of public utilities, gas and electric generating plants and distributing
systems, heating plants, wireless telephone and telegraph stations,
street railway or transportation systems or the extension or improving
thereof; parks, playgrounds, recreation grounds and building and the
improvements thereof; civic and community houses and centers; libraries,
hospitals, dispensaries and clinics of all kinds; work houses and
farms; almshouses, juvenile homes; grade separations; bridges; viaducts,
street improvements, by grading, paving, curbing, or otherwise; markets
and market houses; fuel markets and yards; garbage disposal works;
garbage collection equipment; street cleaning apparatus; aviation
fields or landings; hangers; municipal or public buildings of all
kinds; for paying the City's share of street improvements and sewers
when said improvements are paid in part by special assessment; for
any municipal improvement necessary to advance the peace, health,
safety, and welfare of the City or its inhabitants. The cost of procuring
sites and furnishings shall be deemed to be a part of all the aforesaid.
The aforesaid enumeration of powers shall not be a limitation of the
right and power of the City to issue bonds for other purposes; provided,
however, that no bonds shall be issued to defray operative and administrative
costs and expenses of the City.
[Amended and adopted 11-3-1931]
Whenever the Commission shall desire to issue bonds, they shall
pass an ordinance, stating the amount of bonds to be issued and the
purpose thereof, how and when the same shall be due and payable and
the rate of interest thereon, which ordinance shall not finally be
passed on the day it is introduced, except in case of public emergency.
Such ordinance shall be published once before its final passage by
the Commission in a daily or weekly newspaper published and circulating
in the City and thereafter shall be published once in each week for
three successive weeks immediately preceding the election hereafter
provided. The time when such ordinance shall take effect shall be
prescribed therein, and it shall be submitted to the electoral vote
of said City for adoption or rejection at a general or special municipal
election to be held therein, and the Commission is hereby empowered
to call a special municipal election, to be held in accordance with
the provisions of this Charter and the General Laws of this State,
for the submission to the qualified electors the question of issuing
bonds for the aforesaid purposes, and all persons owning property
which is assessed for City taxes and who have resided in the City
three months next preceding said election and who have in addition
thereto the qualifications of electors under the Constitution and
General Laws of this State shall be eligible to register and vote
at such special or general municipal election on said bonding questions.
If three-fifths of the votes cast upon the question shall be in favor
of the adoption of such ordinance and the issuance of such bonds,
then such ordinance shall be considered as adopted and such bonds
may be issued.
The Commission shall have authority to raise money by loan,
in anticipation of the receipts from special assessments, for the
purpose of defraying the costs of the improvement for which the assessment
was levied. Bonds or notes may be issued for such loans which shall
not exceed the amount of the assessment for the completion of the
whole work, nor shall such loan be made until after the special assessment
roll shall have been confirmed. The Commission shall pledge the faith
and credit of the City for the payment of such loan.
In case of fire, floods, and other calamity, the Commission
may borrow, for the relief of the inhabitants of the City and for
the preservation of municipal property, a sum not exceeding one-quarter
of one per centum of the assessed value of all real and personal property
in the City, due in not more than three years. For any such loan lawfully
made, the bonds of City may be issued payable in equal annual installments.
All details as to the terms and forms of bonds and the issue
thereof shall be determined by the City Commission.
The City Commission shall make provision for a sinking fund
with which to pay at maturity all bonds issued by the City, except
serial bonds which fall due annually.