The Denali Borough may borrow money and issue such evidence thereof, herein called obligations, as the Assembly may determine necessary.
1. 
General obligations of the Denali Borough. No general obligation, bonded indebtedness, may be incurred unless authorized by the Assembly for capital improvements and ratified by a majority vote of those in the Denali Borough voting on the question.
2. 
General obligations of service areas. No obligation secured by a pledge of taxes to be levied in a service area may be issued unless authorized for capital improvements by the Assembly and ratified by a majority of the qualified voters in the service area voting on the question. In a service area where there are no qualified voters to vote on the question, voter ratification shall not be required.
1. 
In calling any election required by this article, the Assembly shall cause a notice to be published as specified in Section 1.05, at least 30 days prior to the election. The notice shall contain the following information:
A. 
The maximum amount of the bonds, purpose of their issuance, and maximum length of time within which the bonds shall mature;
B. 
The estimated annual debt service on the proposed bonds and its estimated effect per $100,000 dollars of assessed valuation;
C. 
The current total general obligation indebtedness of the Denali Borough, including authorized but unsold general obligation bonds and its estimated effect per $100,000 dollars of assessed valuation;
D. 
The current year's debt service on the outstanding general obligation bonds of the Denali Borough and its estimated effect per $100,000 of assessed valuation; and
E. 
The current assessed valuation within the Denali Borough.
2. 
For bonds secured by a pledge of taxes to be levied in a service area the notice shall also contain the information required in subsection 1 above, C, D, and E relative to the service area.
3. 
Errors contained in information required in subsection 1 above B, C, D and E with regard to the Denali Borough or a service area shall not invalidate any election unless such errors are material. Actions challenging the sufficiency of any notice of election must be brought within the time provided in Section 10.06 of this Charter.
General obligation bonds and bonds secured by a pledge of taxes to be levied in the service area may be sold in such manner as the Assembly shall provide.
No person retained by the Denali Borough to perform services relating to financial programming or the issuance and sale of obligations may bid on such obligations, directly or indirectly, for a period of one year after termination of such contract. In the event any such person violates this provision, his or her contract for such services shall be null and void and he or she shall not be entitled to any services rendered; and, in addition, he or she shall be liable for any damages sustained by the Denali Borough in connection with such purchases and sale. Violation of the provisions of this section shall not invalidate the obligations.