[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.