Subject to the applicable provisions of State law and this Charter, the Commission may by ordinance or resolution authorize the borrowing of money and the issuance of City bonds or other evidence of indebtedness for any purpose within the City's scope of powers. The Commission may pledge the City's full faith, credit and resources for the payment of the obligation so created.
The City shall have the power to issue all types of bonds in the manner and for the purposes permitted by the Constitution and laws of the State.
Each bond or other evidence of indebtedness shall contain on its face a statement specifying the purpose for which it is issued. No officer of the City may use the proceeds from the bond or other evidence of indebtedness for any other purpose. A complete and detailed record of all bonds and other evidences of indebtedness issued by the City shall be kept by the Clerk.
That net bonded indebtedness incurred by the City for all public purposes may never exceed 10% of the assessed valuation of the real and personal property within the City subject to taxation as shown by the City's last preceding assessment roll. However, bonds issued in anticipation of the collection of special assessments shall not be included in the 10% limit. Further, indebtedness incurred by the City because of a fire or flood or other calamity shall not be included in the 10% limit, if the indebtedness is for not more than five years and does not exceed 3/8 of 1% of the City's last preceding assessment roll. Mortgage bonds for the acquiring, owning, purchasing, constructing or operating of any public utility which the City is authorized by law to acquire or operate shall not be included in the 10% limit. Finally, moneys on hand in a sinking fund limited to the payment of indebtedness may be treated as a reduction of the City's indebtedness.